What do you understand by Economic Order Quantity (EOQ) ? Explain EOQ

Question

What do you understand by Economic Order Quantity (EOQ) ? Explain EOQ using suitable diagram.

08 Sep 2023

Answer :

Word Count : 368

Economic Order Quantity (EOQ) is a fundamental inventory management concept used to determine the optimal order quantity for a product that minimizes the total inventory costs while balancing two main types of costs: ordering costs and holding costs. EOQ is widely employed in supply chain and inventory management to strike a cost-efficient balance between holding excess inventory (which incurs carrying costs) _____ ______ ____ _______ ________ ___.
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