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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.
Cutting stock problem. In operations research, the cutting-stock problem is the problem of cutting standard-sized pieces of stock material, such as paper rolls or sheet metal, into pieces of specified sizes while minimizing material wasted. It is an optimization problem in mathematics that arises from applications in industry.
Decade (log scale) Four powers of 10 spanning a range of three decades: 1, 10, 100, 1000 (10 0, 10 1, 10 2, 10 3) Four grids spanning three decades of resolution: One thousand 0.001s, one-hundred 0.01s, ten 0.1s, one 1. One decade (symbol dec[ 1]) is a unit for measuring ratios on a logarithmic scale, with one decade corresponding to a ratio of ...
With some exceptions regarding erroneous values, infinities, and denormalized numbers, Excel calculates in double-precision floating-point format from the IEEE 754 specification [ 1] (besides numbers, Excel uses a few other data types [ 2] ). Although Excel allows display of up to 30 decimal places, its precision for any specific number is no ...
Material requirements planning. Material requirements planning ( MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes. Most MRP systems are software -based, but it is possible to conduct MRP by hand as well. An MRP system is intended to simultaneously meet three objectives:
The economic production quantity model (also known as the EPQ model) determines the quantity a company or retailer should order to minimize the total inventory costs by balancing the inventory holding cost and average fixed ordering cost. The EPQ model was developed and published by E. W. Taft, a statistical engineer working at Winchester ...
Dynamic lot-size model. The dynamic lot-size model in inventory theory, is a generalization of the economic order quantity model that takes into account that demand for the product varies over time. The model was introduced by Harvey M. Wagner and Thomson M. Whitin in 1958. [ 1][ 2]
Logarithmic scale. A logarithmic scale (or log scale) is a method used to display numerical data that spans a broad range of values, especially when there are significant differences between the magnitudes of the numbers involved. Unlike a linear scale where each unit of distance corresponds to the same increment, on a logarithmic scale each ...