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Economic order quantity definition was found in categories: Business & Finance(1) Government(1) Encyclopedia(1)
Economic order quantity Definition from Business & Finance Dictionaries & Glossaries
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Economic Order Quantity
the optimum quantity of each product that must be ordered to balance the inventory holding costs against the order processing costs; holding costs increase with more inventory, while order processing costs decrease.
the optimum quantity of each product that must be ordered to balance the inventory holding costs against the order processing costs; holding costs increase with more inventory, while order processing costs decrease.
Economic order quantity Definition from Government Dictionaries & Glossaries
| DOD Dictionary of Military Terms |
economic order quantity
That quantity derived from a mathematical technique used to determine the optimum (lowest) total variable costs required to order and hold inventory.
That quantity derived from a mathematical technique used to determine the optimum (lowest) total variable costs required to order and hold inventory.
Economic order quantity Definition from Encyclopedia Dictionaries & Glossaries
| Wikipedia English - The Free Encyclopedia |
Economic order quantity
Economic order quantity (also known as the Wilson EOQ Model or simply the EOQ Model) is a model that defines the optimal quantity to order that minimizes total variable costs required to order and hold inventory.
The model was originally developed by F. W. Harris in 1913, though R. H. Wilson is credited for his early in-depth analysis of the model.
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