Review Presentation of Different Economic Order Quantity (EOQ) Models and Their Application

Abstract

In the context of inventory management, this review presentation offers a thorough overview of several Economic Order Quantity (EOQ) models and their real-world uses. It explores the fundamental EOQ model and broadens to incorporate models that account for perishable items, quantity discounts, and scarcity prices. The talk also looks at the many sectors in which these models are used to optimize order amounts, save costs, and improve operational efficiency. Businesses may improve their inventory control strategies, realize considerable cost savings, and increase performance by making educated decisions based on a thorough grasp of the various EOQ models and their practical implementations.