Question
Economic Order Quantity (EOQ).
Answer :
Word Count : 297
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Economic Order Quantity (EOQ) is an important inventory control technique used in retail supply chain management to determine the ideal order quantity that minimizes total inventory cost. It helps a retailer decide how much stock should be ordered at one time so that ordering cost and carrying cost remain balanced. In retail business, efficient stock management is necessary because excess inventory increases storage expenses, while low inventory causes stock-outs and loss of sales. EOQ is based on three main factors: annual demand, ordering cost per order, and holding cost per unit per year. The standard formula of EOQ is: EOQ = √(2DS / H) Where D = Annual demand, S = Ordering cost, and H =
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