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EOQ (Economic Order Quantity) is a fundamental concept in operations management that helps determine the optimal quantity of inventory to order at one time. The objective of EOQ is to minimize the total inventory costs, which include ordering costs and carrying (holding) costs. It provides a scientific basis for deciding how much inventory should be purchased or produced in each order so that the overall cost of inventory management is the lowest. The concept was developed by Ford W. Harris in 1913 and has since become one of the most widely used inventory control techniques. EOQ assumes that demand for the product is known and constant, lead time is fixed, inventory is replenished instantly, _________ _______ ________ ___ ______ _________ _______ _____ ______.
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