How realistic are the assumptions of the economic order quantity model? Discuss each assumption individually.
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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...
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a The assumption that demands for the product is known with certainty is not unreasonable for most f...View the full answer
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