Question
Economic Order Quantity (EOQ).
Answer :
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Economic Order Quantity (EOQ) is a fundamental concept in supply chain management, particularly relevant in retail operations where balancing inventory costs and service levels is crucial. EOQ refers to the optimal order quantity that minimizes the total cost of inventory, which includes ordering costs and holding costs. Ordering costs are incurred each time an order is placed, including administrative expenses, transportation, and supplier charges, while holding costs relate to storing inventory, such as warehousing, insurance, depreciation, and obsolescence. In retail, EOQ helps managers determine how much stock to order to ensure products are available to meet customer
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