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EOQ- define in a simple way
It is known as Economic order quantity that refers to order quantity that can surely minimize the total cost on ayearly basis. In this way, the average cost per unit for any purchased items would come up within the possible range. The total cost comprises of two different parts:
EOQ assignment help will deliver appropriate knowledge on the topic. In thecase of ordering cost, it is completely free from quantity ordered and with the increase in quantity ordered, there is a possibility of increasing the carrying cost.
Carrying cost may include insurance charges, storage costs, thecost of obsolescence, handling costs, etc. So, once there is an increase in purchase size, the ordering costs get decreased.
EOQ supported with example
Think that there is a demand for aproductthat is constant for over a year and every new order is delivered in full once the inventory reaches zero. A fixed price is charged for every order that is placed, irrespective of the units ordered. EOQ homework help will explain that there is a storage cost for every unit.
The underlying assumptions of EOQ are:
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Understand EOQ through experts
EOQ is the amount oforder, i.e., ordering cost + carrying costs when it is minimum.
It is necessary to find out the balance between carrying and ordering cost to ensure the favorable quantity. The main objective of EOQ model is to understand the quality that is being ordered at specified time and optimize the carrying cost and inventory to ensure the availability of item when it is needed. Myhomeworkhelp.com is concerned about offering the best EOQ assignment help while giving flexibility in thechoice of teachers.