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)

Division, why 0 is put in quotient while dividing a number

why 0 is put in quotient while dividing a number

Volume, a data set has a mean of 3, a median of 4, and a mode of 5.which nu...

a data set has a mean of 3, a median of 4, and a mode of 5.which number must be in the data set-3,4,5?

Calculate the monthly payment amount of the loan, Consider a student loan o...

Consider a student loan of $12,500 at a fixed APR of 12% for 25 years, 1. What is the monthly payment amount? 2. What is the total payment over the term of the loan? 3. OF

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

Daily Math, Six times as many people voted in the 2012 election as in the 2...

Six times as many people voted in the 2012 election as in the 2008 election.If 162 people voted in 2008,how many people voted in both elections?

Find the probability density function, 1. The lifetime T (in days) of an el...

1. The lifetime T (in days) of an electrical component has reliability function given by: R(t) = e -0.01t for time t > 0. An electrical system consists of four such components. Th

Math, how do you do algebra in 4th grade

how do you do algebra in 4th grade

Exercise of concrete operational stage, Which of the following statements d...

Which of the following statements do you think are true about children? Indicate with 'T' for true and for false. Give reasons for your choice. a) Most primary school children a

Determine the displacement, Example: A 16 lb object stretches a spring 8/9...

Example: A 16 lb object stretches a spring 8/9 ft by itself. Here is no damping as well as no external forces acting on the system. The spring is firstly displaced 6 inches upward

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