Economic Concepts.
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Periodic Order Quantity (POQ), Economic Order Quantity (EOQ) and Material Requirement Planning (MRP) Lot-Sizing Technique Concepts.
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This solution discusses the applicability of periodic order quantities, economic order quantities and material requirements planning.
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Periodic Order Quantity (POQ)
A model used to order a definitive number of products or items to be obtained over an established time period. It is a method that is employed when the supply of raw materials or inventory (goods) is steady and foreseeable. With this approach, for example, a purchasing manager arranges for specified amounts of goods to be shipped at conventional periods that is set by means of a master purchase order agreement (Accounting Tools, 2015, p. 1). A purchasing manager records the specific quantity of goods received besides the overall total that was approved in alignment with the master procurement order, and can monitor a supplier's capability to ship goods on time (Accounting Tools, 2015, p. 1). POQ represents an easy and low-cost approach to order products or goods because it is a form of made to order that eliminates excess supply of products or goods.
Economic Order Quantity (EOQ)
EOQ model is ...
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