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1. What is Economic Order Quantity? What is its significance in inventory management? 2. What is Reorder Point? What is its significance in inventory management?

1. What is Economic Order Quantity? What is its significance in inventory management?

2. What is Reorder Point? What is its significance in inventory management?

3. What is Materials Requirement Planning (MRP)? Describe its significance in inventory management? Distinguish MRP 1 and MRP 2.

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1 Economic Order Quantity EOQ is a formula used in inventory management to determine the optimal order quantity that minimizes total inventory costs I... blur-text-image

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