Economic Order Quantity EOQ
|
[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.
[edit] Related articles on Designing Buildings Wiki
Featured articles
Check out some of the best features and news from Designing Buildings as well as key stories from around the web.
Construction Management, 8 July
NEETs crisis drives interest in trades, but apprenticeships barriers remain.
Passive fire protection webinar
MEP services penetration seals.
Where its at podcast (and video) - The role of the Architectural Technologist as an Expert Witness.
More than 200 remarkable buildings added to SAVE’s Buildings at Risk register.
Government scraps pre-application consultation for Nationally Significant Infrastructure Projects.
Historic England and infrastructure
New projects offer opportunities for the historic environment and local communities.
Construction Management, 2 July
Construction deaths halve in two years.
Green Book changes to drive investment in all parts of UK.
Minimum energy efficiency standards (MEES)
CIAT briefing on response to consultations for privately rented non-domestic properties.
Connect, collaborate, shape the future
Registration now live for UK Construction Week Birmingham.
CIOB announces Saul Humphrey FCIOB as new President for 26/27 term.
A quick, simple, and zero-bills solution to prevent overheating.