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What are the basic models of economic order lot size
There is only one basic model of economic ordering lot, namely, the economic ordering lot model, also known as the EOQ model; the other is an extended model, such as intermittent ordering lot model, stochastic EOQ model and so on.
The basic formula of the EOQ model is:
Q=(2CR/H)^1/2
Which:
Q stands for Economic Order Quantity
Q stands for Economic Order Quantity
C stands for Single Order Quantity. C stands for cost per order
R stands for total demand in a year
H stands for inventory cost per unit of product
.
The principle of calculating the economic order lot can be represented by the following diagram:
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