EOQ Model : Uses
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What are the uses of the EOQ model? What questionable assumptions are being made by the EOQ model?
Please give me some examples to reference.
What is working capital management? How can a firm improve its management of its working capital accounts?
Again, if you can provide me with some samples or examples.
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Solution Summary
This solution explains how to reduce inventory holding costs and ordering costs.. The sources used are also included in the solution.
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The uses of the EOQ model is that it helps minimizes total inventory holding costs and ordering costs. Its use is that it gives customized recommendations about the most economical number of units per order. Its use is that it gives the exact numbers that the inventory should hold, when to re-order, and how many items to order. The use is to ensure better customer service as inventory is available.
The assumption of EOQ model is that only one product is involved, and the replenishment is made immediately. It assumes that the delivery is made at a time. The purchase price is constant, ...
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