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OGRE 6302. OM : Economic Order Quantity1Solved Exercises1.1Statement of Exercises1. Deducing Demand Cindy and Mindy were in the same student group while studying for their MBA at LTD. They graduated

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How to fill out om economic order quantity

01

To fill out the economic order quantity (EOQ) calculation, follow these steps:

1.1

Determine the annual demand for the product: This can be obtained by analyzing historical sales data or forecasting future demand.

1.2

Calculate the ordering cost per order: This includes expenses related to placing the order, such as processing, transportation, and paperwork costs.

1.3

Calculate the carrying cost per unit: This includes costs related to holding inventory, such as storage, insurance, and obsolescence expenses.

1.4

Determine the lead time: This refers to the time it takes for an order to be delivered after it is placed.

1.5

Plug the values into the EOQ formula: The EOQ formula is √[(2 * annual demand * ordering cost per order) / carrying cost per unit].

02

Economic order quantity (EOQ) can be beneficial for various entities, including:

2.1

Manufacturers: EOQ helps determine the optimal order quantity to minimize inventory holding costs while ensuring a steady production flow.

2.2

Retailers: EOQ enables retailers to strike a balance between ordering enough stock to meet customer demand and avoiding surplus inventory that ties up capital.

2.3

Distributors: EOQ assists distributors in optimizing their ordering patterns to minimize costs and ensure efficient supply chain management.

2.4

Suppliers: EOQ helps suppliers understand the demand patterns of their customers, allowing them to manage their production and delivery schedules more effectively.

2.5

Service-based businesses: Even non-product-based businesses can use EOQ principles to manage their inventory of supplies or materials needed to deliver their services efficiently.

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What is om economic order quantity?

Om Economic Order Quantity (EOQ) is a formula used to determine the optimal order quantity a company should purchase in order to minimize inventory costs.

Who is required to file om economic order quantity?

Om Economic Order Quantity is typically used by supply chain managers and inventory planners in companies.

How to fill out om economic order quantity?

To calculate EOQ, you need to know the demand rate, ordering cost, and holding cost of inventory. The formula is EOQ = sqrt((2 x D x S) / H) where D is the demand rate, S is the ordering cost, and H is the holding cost.

What is the purpose of om economic order quantity?

The purpose of EOQ is to minimize total inventory costs by finding the optimal order quantity.

What information must be reported on om economic order quantity?

The information required for EOQ calculation includes demand rate, ordering cost, and holding cost of inventory.

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