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# what is EOQ ?

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Predicting rank among the different partitions to make on this it has some varsity about the stock market to get on it. Video classes can put access on this along with the good books to read in your 20s this will help you to provide you relaxation among this pandemic time.

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Dear Friend, **Meaning** Economic order quantity (EOQ) is the order quantity that minimizes the total inventory holding costs and ordering costs. It is one of the oldest classical production scheduling models. The framework used to determine this order quantity is also known as Wilson EOQ Model, Wilson Formula or Andler Formula. EOQ applies only when demand for a product is constant over the year and each new order is delivered in full when inventory reaches zero. There is a fixed cost for each order placed, regardless of the number of units ordered. There is also a cost for each unit held in storage, commonly known as holding cost, sometimes expressed as a percentage of the purchase cost of the item.

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**ECONOMIC ORDER QUANTITY** Hi, EOQ is quantity of material which should be ordered or size of order which should be placed so that overall cost is minimum. Overall cost includes carrying cost and ordering cost. As order size increases number of orders to be placed gets reduced. so, annual ordering cost gets lowered. But due to increase in size of order,we have to incur extra carrying cost. So to maintain balance between ordering cost and carrying cost,order size should be such that it would lower the overall cost. Such order size is called EOQ. Thanks

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