Economic order quantity test questions

Demand in any period that is outside the limits established by management policy. This demand may come from a new customer or from existing customers whose own demand is increasing or decreasing. Care must be taken in evaluating the nature of the demand:

Economic order quantity test questions

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There are two main types of quantity discounts: Design of optimal quantity discount schedules[ edit ] In presence of a strategic customer, who responds optimally to discount schedule, the design of optimal quantity discount scheme by the supplier is complex and has to be done carefully.

This is particularly so when the demand at the customer is itself uncertain. An interesting effect called the "reverse bullwhip" takes place where an increase in consumer demand uncertainty actually reduces order quantity uncertainty at the supplier. Additionally, the economic order interval [6] can be determined from the EOQ and the economic production quantity model which determines the optimal production quantity can be determined in a similar fashion.

A version taking the time-value of money into account was developed by Trippi and Lewin.

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Salameh and Jaber are the first to study the imperfect items in an EOQ model very thoroughly. They consider an inventory problem in which the demand is deterministic and there is a fraction of imperfect items in the lot and are screened by the buyer and sold by them at the end of the circle at discount price.Get Full Text in PDF.

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Economic order quantity test questions

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Governments in various countries, irrespective of the country׳s level of economic growth, seek to initiate macroeconomic policies towards achieving better economic performance in order to advance level of business activities and ultimately, ensure better quality of life for the people. ECONOMIC ORDER QUANTITY (EOQ) An Economic Order Quantity is the optimal number of order that minimizes total variable costs required to order and hold inventory, that is to say, that EOQ helps us to determine the appropriate amount and frequency when ordering and holding inventory.

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