Economic Order Quantity EOQ
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[edit] Introduction
Economic Order Quantity (EOQ) is an inventory management method that describes the minimum amount of inventory an organisation must have available to optimise the size of orders and their associated costs. It is frequently used in operations, logistics and supply chain management.
This purchasing and inventory management formula was developed in 1913 by Ford W. Harris. Harris was an American production engineer who worked for Westinghouse Electric. His square root formula is based on an understanding that certain key factors (demand, ordering and inventory costs) remain constant. It is one of the oldest classical production scheduling models.
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