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What is EOQ Model and Inventory Types Explained about?

The document discusses the Economic Order Quantity (EOQ) model, which was introduced by Ford Whitman Harris in 1913, aiming to determine the optimal order size that minimizes total inventory costs by balancing ordering and carrying costs. It outlines key inventory cost factors, including ordering costs and carrying costs, and presents various inventory models, specifically focusing on a purchasing model without shortages. Assumptions for this model include constant demand, zero lead time, and no shortages a

Author

pratheesh k

Language

EN