Question
Economic Order Quantity (EOQ).
Answer :
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Economic Order Quantity (EOQ) is a scientific inventory management technique used to determine the optimal order quantity that minimizes the total cost of inventory. It balances two major inventory costs: ordering cost and carrying (holding) cost. In retail supply chain management, EOQ helps retailers maintain adequate stock levels while reducing unnecessary expenses associated with frequent ordering or excessive inventory storage. The EOQ model is based on certain assumptions such as constant demand, fixed ordering cost, constant carrying cost, known lead time, and instantaneous replenishment. The standard EOQ formula is: EOQ = √(2DS/H) Where: * D = Annual demand * S
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