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The Economic Order Quantity (EOQ) model is a fundamental concept in inventory management that aims to determine the optimal order quantity which minimizes the total cost of inventory. Inventory management involves balancing two major types of costs: ordering costs and holding costs. Ordering cost refers to the expense of placing and receiving an order, including administrative and transportation expenses. Holding cost refers to the cost of carrying inventory in storage, such as warehousing charges, insurance, depreciation, and opportunity cost of capital. The EOQ model provides a systematic approach to achieve the most cost-effective order size by finding a point where the combined cost of ordering and holding is at its lowest. The basic assumptions of the EOQ model include constant demand for the item, fixed ordering cost per order, fixed holding cost per unit per year, instantaneous __________ _________ __________ ________ _______ _______ _____.
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