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Compare and contrast the EOQ with ABC analysis approach to stock control?
Wiki User
∙ 11y ago
ABC
EOQ
More accurate costing of products/services, customers, SKUs, distribution channels
The assumptions are reasonably accurate
Better understanding overhead.
can be adjust a little to suitable with reality without greatly affecting the costs (total cost of inventory)
Easier to understand for everyone
Giving the basic concepts of total cost minimization and economic lot size
Utilizes unit cost rather than just total cost
Assumption of constant demand
Integrates well with Sigma and other continuous
No stock out are allowed
Makes visible waste and non-value added activities
insufficient flexible to use for independent-demand inventory management
Supports performance management and scorecards
Enables costing of processes, supply chains, and value streams
Activity Based Costing mirrors way work is done
Wiki User
∙ 11y ago
Axel78
The Pareto principle states that, for many events, roughly 80% of the effects come from 20% of the causes. Based on it, the product assortment of any company can be classified in three categories: A, B and C. In average, A products represent only 20% of the total number of products in the assortment, but amount for 80% of total sales. On the contrary, C products represent 50% of the total number of products in the assortment, but amount only for 5% of total sales. In which of these product categories, would the Economic Order Quantity formula work best and why?
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