Annual requirement is 72000units; order cost Rs10 per order; Carrying cost Rs 1 perunit. The Economic order quantity would be:Annual requirement is 72000units; order cost Rs10 per order; Carrying cost Rs 1 perunit. The Economic order quantity would be:
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is the level of inventory that minimizes the total inventory holding costs and ordering costs. It is one of the oldest classical production scheduling models. Economic order quantity refers to that number (quantity) ordered in a single purchase so that the accumulated costs of ordering and carrying costs are at the minimum level. In other words, the quantity that is ordered at one time should be so, which will minimize the total of. Cost of placing orders and receiving the goods, and Cost of storing the goods as well as interest on the capital invested.
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