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)

How many students are study physics alone, A class has 175 learners. The gi...

A class has 175 learners. The given table describes the number of learners studying one or more of the subsequent subjects in this case                 Subjects

Linear programming , Use the simplex method to solve the following LP Probl...

Use the simplex method to solve the following LP Problem. Max Z = 107x1+x2+2x3 Subject to 14x1+x2-6x3+3x4=7 16x1+x2-6x3 3x1-x2-x3 x1,x2,x3,x4 >=0

How to raise powers of monomials, How to raise Powers of Monomials ? To ...

How to raise Powers of Monomials ? To raise a monomial to a certain power: Step 1: Place the entire monomial inside parentheses, and place the desired power outside the paren

Fraction word problem, castor brought 6 3/4 carat cakes to share with 26 st...

castor brought 6 3/4 carat cakes to share with 26 students. did castor bring enough for each student to have 1/4 of cake?

Draw tangent graph y = tan ( x ), Graph y = tan ( x ). Solution In...

Graph y = tan ( x ). Solution In the case of tangent we need to be careful while plugging x's in since tangent doesn't present wherever cosine is zero (remember that tan x

If a differential equation does have a solution can we find?, It may seem l...

It may seem like an odd question to ask and until now the answer is not all the time yes. Just as we identify that a solution to a differential equations exists does not implies th

Determine the number of full withdrawals, A worker retires with a lump sum ...

A worker retires with a lump sum superannuation benefit of $500,000. She immediately invests this money in a fund earning 5% pa effective. One year after retirement she begins maki

the volume of a pyramid, Write a script to determine the volume of a pyram...

Write a script to determine the volume of a pyramid, which is 1/3 * base * height, where the base is length * width.  On time the user to enter values for the length, width, and th

Matrices, problem faced by students

problem faced by students

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