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)

Evaluate the volume of one orange, An orange has a diameter of 3 inches. Ev...

An orange has a diameter of 3 inches. Evaluate the volume of one orange. (π = 3.14) a. 9.42 in 3 b. 113.04 in 3 c. 28.26 in 3 d. 14.13 in 3 d. To determine the

Impact did this have on spanish approach their subjugation, Compare and con...

Compare and contrast the Conquest of Mexico and the Conquest of Peru in the 16 th century. How did the structures of the indigenous empires in these two regions differ? What impact

Algebra, If a^n+1 + b^n+1/a^n + b^n is the arithmetic mean of a and b then ...

If a^n+1 + b^n+1/a^n + b^n is the arithmetic mean of a and b then find n. Answer:Arithmatic mean of a,b is =(a+b)/2  from the problem (a+b)/2=(a^n+1 +b ^n+1)/(a^n+b^n)  then (a+

Fractions, How do you add 7/9 + 6/8 + 3/4

How do you add 7/9 + 6/8 + 3/4

Tutor, I AM A EXPERT OF MATHEMATICS.CAN I BECOME A TUTOR? PLEASE TELL ME SO...

I AM A EXPERT OF MATHEMATICS.CAN I BECOME A TUTOR? PLEASE TELL ME SOON.

Differentiate inverse tangent functions, Differentiate the following functi...

Differentiate the following functions. (a) f (t ) = 4 cos -1 (t ) -10 tan -1 (t ) (b)  y = √z sin -1 ( z ) Solution (a) Not much to carry out with this one other

Laplace transforms, As we saw in the previous section computing Laplace tra...

As we saw in the previous section computing Laplace transforms directly can be quite complex. Generally we just utilize a table of transforms when actually calculating Laplace tran

Permutations and Combinations, How many 4 digit number lass than 6000 can b...

How many 4 digit number lass than 6000 can be made with the digits 7,6,4 and 2 if digits are not repeated?

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