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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.
In statistics, the sample maximum and sample minimum, also called the largest observation and smallest observation, are the values of the greatest and least elements of a sample. [ 1] They are basic summary statistics, used in descriptive statistics such as the five-number summary and Bowley's seven-figure summary and the associated box plot .
Definition. The most common problem being solved is the 0-1 knapsack problem, which restricts the number of copies of each kind of item to zero or one. Given a set of items numbered from 1 up to , each with a weight and a value , along with a maximum weight capacity , subject to and . Here represents the number of instances of item to include ...
A mathematical symbol is a figure or a combination of figures that is used to represent a mathematical object, an action on mathematical objects, a relation between mathematical objects, or for structuring the other symbols that occur in a formula. As formulas are entirely constituted with symbols of various types, many symbols are needed for ...
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 ...
NP-complete special cases include the edge dominating set problem, i.e., the dominating set problem in line graphs. NP-complete variants include the connected dominating set problem and the maximum leaf spanning tree problem. [ 3]: ND2. Feedback vertex set [ 2][ 3]: GT7. Feedback arc set [ 2][ 3]: GT8.
In number theory and computer science, the partition problem, or number partitioning, [ 1] is the task of deciding whether a given multiset S of positive integers can be partitioned into two subsets S1 and S2 such that the sum of the numbers in S1 equals the sum of the numbers in S2. Although the partition problem is NP-complete, there is a ...
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.