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THE BASIC EOQ MODEL
This is the most simple of all the models discussed. In addition to the general assumptions which relate to all deterministic models (i.e. certainty of all parameters) it is further assumed that:
a. Demand is continuous and constant over time.b. That suppliers lead time is zero i.e. stocks are delivered immediately on the day the order is made.c. That stock-outs are not permitted.d. There are no massiveness quantity discounts.e. Holding costs per unit, ordering costs per order and costs per unit are constant. Relevant costs of basic EOQ model:
The related costs that must be considered when determining optimum inventory levels can be classified into two categories:
(i) Ordering costs.(ii) Holding (Carrying) Costs.
That is, TC = Ordering Costs + Holding Costs
Steps in Strategic Cost Analysis 1) Recognize the suitable value chain and allocate costs and assets to it. 2) Identify the cost drivers of each value activity and how they int
Explain TWO limitations of using accounting ratios to assess the performance of a firm and suggest how each limitation may be improved
Procedure of material acquisition A stores record is maintained into which the quantity and value of materials received is entered. Issues of materials to production are made b
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What are the objectives of excellence teams and minicompanies? Did the companies achieve these objectives?estion #Minimum 100 words accepted#
Illustration of Coefficient of Determination The production manager of XYZ Company is concerned about the apparent fluctuation in efficiency and wants to determine how labour c
Consider the following quality data for three different manufacturers of automobile weather-strips: Weather-strip Bulb Dimension Specification y=20 +or- 4mm
#labour costing techniques
State Factors determining Working Capital requirement.
opening stock 19000 closing stock 21000 sales 200000 gross profit 25% on sales calculate stock turnover ratio
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