The Supply Chain Economic Order Quality (EOQ) Assignment

Inventory
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In order to reduce the lot size and cycle inventory in the supply chain, the most appropriate model or strategy is Economic Order Quality (EOQ). In inventory management, it is used to reduce the total ordering costs and holding costs (Rangarajan & Karthikeyan, 2015). This can be regarded as one of the most famous and oldest classical production scheduling models. Ford W. Harris first developed this strategy or model in 1913. However, he could not apply it extensively; it was K. Andler and R. H. Wilson who applied this strategy or model extensively. Both of them are known for their in-depth analysis.
Storing inventory can be expensive for small businesses or startups, and the core advantage of the Economic Order Quality model is that it does not let the costs increase (Hou & Lin, 2009). In fact, customized recommendations are provided about the most economical number of units per order. In some situations, this model suggests buying large quan...