Question

When fuzzy should be considered in basic eoq inventory model?

Answer 1

The efficient management of inventory requires managers to make decisions on two fundamental questions: (1) how large should an inventory replenishment order be, and (2) when should an inventory replenishment order be placed. These two decisions are integral in the support of an overall inventory management program that typically has the objective of providing a desired level of customer service at a minimal cost. Beginning in 1913 with Harris’s economic order quantity (EOQ) model, numerous mathematical inventory models have been published in the inventory literature to assist managers in determining the size and timing of an inventory replenishment order in support of this objective