Question
Economic Order Quantity (EOQ).
Answer :
Word Count : 259
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Economic Order Quantity (EOQ) is a fundamental concept in supply chain management, especially critical in retail business, for optimizing inventory costs. EOQ represents the ideal order quantity a retailer should purchase to minimize the total cost associated with inventory, which includes ordering costs and holding costs. Ordering cost refers to the expenses incurred each time an order is placed, such as administrative costs, shipping fees, and supplier charges. Holding cost, on the other hand, includes storage, insurance, depreciation, and obsolescence costs associated with maintaining inventory over time. In retail, maintaining optimal inventory levels is essential to meet customer demand without overstocking or understocking. EOQ
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