This is the final model that is associated with inventory calculation. In this case, certain previous assumptions are taken as consistency of demand.
Here a sum is given, solving which will get you a better idea of this whole process.
Sum 1:
It is taken that 10000 units of a particular product are demanded in a particular case. It is taken that setting up cost for that particular industry was $800 while holding cost was taken at $20 for a per unit case.
If it is taken that a shortage cost is $1000 on a per unit basis, what is the total minimum cost in regards to production, maximum shortage amount that is present and the EOQ amount?
Links of Previous Main Topic:-
- Introduction to statistics
- Knowledge of central tendency or location
- Definition of dispersion
- Moments
- Bivariate distribution
- Theorem of total probability addition theorem
- Random variable
- Binomial distribution
- What is sampling
- Estimation
- Statistical hypothesis and related terms
- Analysis of variance introduction
- Definition of stochastic process
- Introduction operations research
- Introduction and mathematical formulation in transportation problems
- Introduction and mathematical formulation
- Queuing theory introduction
- Inventory control introduction
Links of Next Statistics Topics:-
