Assumptions of the basic EOQ model include (D) all of the above.
Economic order quantity (EOQ) refers to the optimal number of units that a business should buy to satisfy demand while reducing inventory costs like holding costs, shortage costs, and order costs. Ford W. Harris first devised this production-scheduling model in 1913, and it has since undergone several iterations. Demand, ordering, and holding costs are all considered constant in the economic order quantity formula.
Finding the ideal quantity of a product to order is the aim of the EOQ formula. A company can reduce its costs for purchasing, delivering, and storing units if this is accomplished. Businesses with extensive supply chains and high variable costs use an algorithm in their computer software to determine EOQ, and the EOQ formula can be modified to determine various production levels or order intervals.
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