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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.
Total cost function and optimal reorder point. The total cost is given by the sum of setup costs, purchase order cost, backorders cost and inventory carrying cost:
If there are backorders, the reorder point is: =; with m being the largest integer and μ the lead time demand. Additionally, the economic order interval [ 8 ] can be determined from the EOQ and the economic production quantity model (which determines the optimal production quantity) can be determined in a similar fashion.
Reorder level: Reorder level refers to the point when a company place an order to re-fill the stocks. Reorder point depends on the inventory policy of a company. Some companies place orders when the inventory level is lower than a certain quantity. Some companies place orders periodically.
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In a base-stock system inventory position is given by on-hand inventory-backorders+orders and since inventory never goes negative, inventory position=r+1.
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Economists say that Trump's overall tariff plans, likely his most consequential economic policy, would push U.S. import duty rates back up to 1930s-era levels, stoke inflation, collapse U.S.-China ...