Application of statistics-economic order quantities (eoq), Mathematics

Assignment Help:

economic order quantities (EOQ)

Statistics may be utilized in ordering or making economic order quantities as EOQ. It is significant for a business manager to understand that it is an economic cost if one orders a large quantity of items which have to be stored for more long before they are sold. This is as the large stock holds a lot of capital, which could otherwise be utilized in buying other items for sale.

It is significant also to realize that the longer items are stored in the stores extra will be the storage costs

On the other hand if one orders a few items for sale he will acquire relatively low storage expenses however may not be capable to satisfy all the clients. These may lose their customers whether the goods are out of stock. Hence it is advisable to work out the EOQ which will be enough for the clients in a certain period before delivery.

The EOQ will ensure that also minimal costs are acquired in terms of storage

 


Related Discussions:- Application of statistics-economic order quantities (eoq)

Equivalent Fractions and Decimals, write each fraction as a decimal .round ...

write each fraction as a decimal .round to the nearest hundredth if necessary (1-4) (14-21)

Series is converges or diverges - limit comparison test, Determine if the f...

Determine if the following series converges or diverges by using limit comparison test. Solution To make use of the limit comparison test we require to find out a seco

Difererntial equation, Ask queFind the normalized differential equation whi...

Ask queFind the normalized differential equation which has {x, xex} as its fundamental setstion #Minimum 100 words accepted#

Proof integral function, Proof of: if f(x) > g(x) for a x b th...

Proof of: if f(x) > g(x) for a x b then a ∫ b  f(x) dx > g(x). Because we get f(x) ≥ g(x) then we knows that f(x) - g(x) ≥ 0 on a ≤ x ≤ b and therefore by Prop

Sequences - calculus, Sequences Let us start off this section along wi...

Sequences Let us start off this section along with a discussion of just what a sequence is. A sequence is nothing much more than a list of numbers written in a particular orde

Liniar Algebra, Assume A and B are symmetric. Explain why the following are...

Assume A and B are symmetric. Explain why the following are symmetric or not. 1) A^2 - B^2 2) (A+B)(A-B) 3) ABA 4) ABAB 5) (A^2)B

Right angle triangle, If the points for a right angle triangle are XYZ wher...

If the points for a right angle triangle are XYZ where do I mark the points?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd