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History of the EOQ Analysis

The Economic Order Quantity model was developed about 100 years ago. It is sometimes referred to as the Wilson Lot-Size Formula, as R. H. Wilson, a consultant, helped it gain wide use. It has been used in a production environment to suggest best profit production batch or lot sizes by balancing production setup costs with inventory holding costs. In a distribution environment, it suggests best profit order quantities by balancing order processing costs with inventory holding costs.
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