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Posts Tagged EOQ model

Inventory Models – Costs, EOQ model

Inventory Models - Costs, EOQ model

Organizations spend lot of money in materials. Material cost represent 20 to 60 percent of the cost of production, even a small saving in material will reflect in profit. Need for inventory: Inventory is required for taking care of uncertainty in business, Ex raw material inventory required because of uncertainty of supply .i.e. .supplier is not prompt in supplying goods,

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