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)

4.4238/[1.047+{1.111*[9.261/7.777]}*1.01, Ask question #Min 4.4238/[1.047+{...

Ask question #Min 4.4238/[1.047+{1.111*[9.261/7.777]}*1.01

Function that computes the product of two matrices, Write a function that c...

Write a function that computes the product of two matrices, one of size m × n, and the other of size n × p. Test your function in a program that passes the following two matrices t

Negative function , Negative function : Several functions are not positive...

Negative function : Several functions are not positive however.  Consider the case of f (x ) =x 2 - 4 on [0,2].  If we utilizes n = 8 and the midpoints for the rectangle height w

Critical point of exponential functions and trig functions, Critical point ...

Critical point of exponential functions and trig functions, Let's see some examples that don't just involve powers of x. Example:  find out all the critical points for the

Fractions, question paper on fractions

question paper on fractions

Standard interpretations to derivatives, Standard interpretations to deriva...

Standard interpretations to derivatives Example   Assume that the amount of money in a bank account is specified by                                       P (t ) = 500 + 10

Real constant and difference equation, Derive for the filter from z=a and p...

Derive for the filter from z=a and poles at z=b andz=c, where a, b, c are the real constants the corresponding difference equation. For what values of parameters a, b, and c the fi

Compute the derivative, Write an octave program that will take a set of poi...

Write an octave program that will take a set of points {x k , f k } representing a function and compute the derivative at the same points x k using 1. 2-point forward di erence

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