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The Break-Even Point. The break-even point (BEP) in economics, business —and specifically cost accounting —is the point at which total cost and total revenue are equal, i.e. "even". In layman's terms, after all costs are paid for there is neither profit nor loss. [1][2] In economics specifically, the term has a broader definition; even if ...
The (Q,r) model is a class of models in inventory theory. [1] A general (Q,r) model can be extended from both the EOQ model and the base stock model [ 2 ] Overview
The inventory control problem is the problem faced by a firm that must decide how much to order in each time period to meet demand for its products. The problem can be modeled using mathematical techniques of optimal control, dynamic programming and network optimization. The study of such models is part of inventory theory.
It is concerned with managing an entire production system that converts inputs (in the forms of raw materials, labor, consumers, and energy) into outputs (in the form of goods and services for consumers). [2] Operations management covers sectors like banking systems, hospitals, companies, working with suppliers, customers, and using technology.
Work in process. Work in process or work-in-process, (WIP), [1][2][3][4] work in progress (WIP), [5][6][7] goods in process, [1] or in-process inventory refers to a company's partially finished goods waiting for completion and eventual sale, or the value of these items. [8] The term is used in supply chain management, and WIP is a key input for ...
Business administration. Materials management is a core supply chain function and includes supply chain planning and supply chain execution capabilities. Specifically, materials management is the capability firms use to plan total material requirements. The material requirements are communicated to procurement and other functions for sourcing.
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. [nb 1] Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or ...
Economic order quantity. Economic order quantity (EOQ), also known as financial purchase quantity or economic buying quantity, [citation needed] is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models.