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Explain the assumptions of the Basic Economic Order Quantity EOQ model?
Wiki User
∙ 10y ago
As the name suggests, Economic order quantity (EOQ) modelis the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are minimized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W. Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.
Dr.Abbas Albarq
Wiki User
∙ 10y ago
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