Briefly describe the following techniques for managing inventory: ABC system, economic order quantity (EOQ) model, just-in-time (JIT)

Question:

Briefly describe the following techniques for managing inventory: ABC system, (EOQ) model, just-in-time (JIT) system, and computerized systems for resource control—MRP, MRP II, and ERP.

Economic Order Quantity
Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs. This production-scheduling model was developed in 1913 by Ford W. Harris and has...