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The term Economic Lot Size Model was introduced by Ford W. Harris in 1915. This concept is used in inventory management to best determine the

The term Economic Lot Size Model was introduced by Ford W. Harris in 1915. This concept is used in inventory management to best determine the most optimized schedule for inventory ordering. In order to determine the optimal quantity of items to order at one time, the Economic Lot Size Model takes the costs associated with ordering (delivery

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