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)

Determine the probability - mean and standard deviation, The scores of stud...

The scores of students taking the ACT college entrance examination are normally distributed with a mean m = 20.1 and a standard deviation s = 5.8. A single student is selected a

Chi-square hypothesis tests as non-parametric test(x2), Chi-square hypothes...

Chi-square hypothesis tests as Non-parametric test(X2) They contain amongst others i.    Test for goodness of fit ii.   Test for independence of attributes iii.  Test

Fraction, how do you add fraction

how do you add fraction

Fourier series - partial differential equations, Fourier series - Partial D...

Fourier series - Partial Differential Equations One more application of series arises in the study of Partial Differential Equations.  One of the more generally employed method

Permatuation and combination problem, 4 boys and 4 girls are to seated in a...

4 boys and 4 girls are to seated in arow i)no. of girls sit together ii)not all girls sit together iii)boys and girls are altenate to each other iv)if a particular boy and g

Prove that a/b+c-a, a, b,c are in h.p prove that a/b+c-a, b/a+c-b, c/a+b-c ...

a, b,c are in h.p prove that a/b+c-a, b/a+c-b, c/a+b-c are in h.p To prove: (b+c-a)/a; (a+c-b)/b; (a+b-c)/c are in A.P or (b+c)/a; (a+c)/b; (a+b)/c are in A.P or 1/a; 1

What percent of the shirts had been sold by football booster, The football ...

The football boosters club had 80 T-shirts made to sell at football games. Through mid-October, they had only 12 left. What percent of the shirts had been sold? Denote the numb

Shares and dividends, at what price 6.25% rs 100 share be quoted when the m...

at what price 6.25% rs 100 share be quoted when the money is worth 5%

Triangles, if A be the area of a right triangle and b be one of the sides c...

if A be the area of a right triangle and b be one of the sides containing the right angle, prove that the length of the altitude on the hypotenuse is 2Ab/rootb^4+4A^2

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