• 1 Marks

QTB – May 2015 – L1 – SA – Q13 – Operations Research

Identifying the meaning of the acronym EOQ in inventory control.

The acronym EOQ in inventory control system stands for:

A. Economic Order Quantity
B. Economic Optimal Quantity
C. Equilibrium Optimal Quantity
D. Economic Ordering Quality
E. Equilibrium Ordering Quality

Answer:
A. Economic Order Quantity

Explanation:
EOQ, or Economic Order Quantity, is a key concept in inventory management that determines the optimal order quantity that minimizes total inventory costs, including holding costs and order costs. It helps businesses manage their inventory efficiently.

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