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)

Logarithmic differentiation, Logarithmic Differentiation : There is one...

Logarithmic Differentiation : There is one final topic to discuss in this section. Taking derivatives of some complicated functions can be simplified by using logarithms.  It i

Differential equation, Suppose a fluid (say, water) occupies a domain D? R^...

Suppose a fluid (say, water) occupies a domain D? R^(3 ) and has velocity field V=V(x, t). A substance (say, a day) is suspended into the fluid and will be transported by the fluid

Determine the projection - vector, Determine the Projection of b = (2, 1, -...

Determine the Projection of b = (2, 1, -1) onto a = (1, 0, -2) There is a requirement of a dot product and the magnitude of a. a →  • b → = 4                             ||a

How to dealing with exponents on negative bases, How to Dealing With Expone...

How to Dealing With Exponents on Negative Bases ? Exponents work just the same way on negative bases as they do on positive ones: (-2)0 = 1 Any number (except 0) raised to the

Average, A boy covered half of distance at 20km/hr and rest at 40kmlhr. cal...

A boy covered half of distance at 20km/hr and rest at 40kmlhr. calculate his average speed.

Constructions, Draw a line segment AB of length 4.4cm. Taking A as centre, ...

Draw a line segment AB of length 4.4cm. Taking A as centre, draw a circle of radius. 2cm and taking B as centre, draw another circle of radius 2.2cm. Construct tangents to each cir

Commercial, The C.P. of 20 articles is same as theS.P. of x articles.Articl...

The C.P. of 20 articles is same as theS.P. of x articles.Article profit is 25%.Find x

What is the percent of increase heating oil, The price of heating oil rose ...

The price of heating oil rose from $1.10 per gallon to $1.43 per gallon. What is the percent of increase? The price of heating oil rose $0.33 ($1.43 - $1.10 = $0.33). To ?nd ou

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