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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.
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 ...
Price index numbers are usually defined either in terms of (actual or hypothetical) expenditures (expenditure = price * quantity) or as different weighted averages of price relatives ( ). These tell the relative change of the price in question. Two of the most commonly used price index formulae were defined by German economists and ...
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 ...
The coefficient of variation (CV) is defined as the ratio of the standard deviation to the mean , [ 1] It shows the extent of variability in relation to the mean of the population. The coefficient of variation should be computed only for data measured on scales that have a meaningful zero ( ratio scale) and hence allow relative comparison of ...
In statistics, the k th order statistic of a statistical sample is equal to its k th-smallest value. [ 1 ] Together with rank statistics, order statistics are among the most fundamental tools in non-parametric statistics and inference . Important special cases of the order statistics are the minimum and maximum value of a sample, and (with some ...
Economic batch quantity. In inventory management, Economic Batch Quantity (EBQ), also known as Optimum Batch Quantity (OBQ) is a measure used to determine the quantity of units that can be produced at the minimum average costs in a given batch or product run. EBQ is basically a refinement of the economic order quantity (EOQ) model to take into ...