Search results
Results from the WOW.Com Content Network
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.
An estimator δ(X) is an observable random variable (i.e. a statistic) used for estimating some unobservable quantity. For example, one may be unable to observe the average height of all male students at the University of X, but one may observe the heights of a random sample of 40 of them. The average height of those 40—the "sample average ...
The Baumol–Tobin model is an economic model of the transactions demand for money as developed independently by William Baumol (1952) and James Tobin (1956). The theory relies on the tradeoff between the liquidity provided by holding money (the ability to carry out transactions) and the interest forgone by holding one’s assets in the form of non-interest bearing money.
Calculus. The calculus of variations (or variational calculus) is a field of mathematical analysis that uses variations, which are small changes in functions and functionals, to find maxima and minima of functionals: mappings from a set of functions to the real numbers. [ a] Functionals are often expressed as definite integrals involving ...
The optimization of portfolios is an example of multi-objective optimization in economics. Since the 1970s, economists have modeled dynamic decisions over time using control theory. [14] For example, dynamic search models are used to study labor-market behavior. [15] A crucial distinction is between deterministic and stochastic models. [16]
Landau–Lifshitz–Gilbert equation. In physics, the Landau–Lifshitz–Gilbert equation (usually abbreviated as LLG equation), named for Lev Landau, Evgeny Lifshitz, and T. L. Gilbert, is a name used for a differential equation describing the dynamics (typically the precessional motion) of magnetization M in a solid.
Reorder point. The reorder point ( ROP ), also reorder level (ROL) or "optimal re-order level", [ 1] is the level of inventory which triggers an action to replenish that particular inventory. It is a minimum amount of an item which a firm holds in stock, such that, when stock falls to this amount, the item must be reordered.
The theory is often stated in terms of the equation M V = P Y, where M is the money supply, V is the velocity of money, and P Y is the nominal value of output or nominal GDP (P itself being a price index and Y the amount of real output). This equation is known as the quantity equation or the equation of exchange and is itself uncontroversial ...