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Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs. This production-scheduling model was developed in 1913 by Ford W.
EOQ formula
Determine the demand in units. Determine the order cost (incremental cost to process and order) Determine the holding cost (incremental cost to hold one unit in inventory) Multiply the demand by 2, then multiply the result by the order cost. Divide the result by the holding cost.
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