Economic Order Quantity
What is economic order quantity?
When you are involved in the production process you tend to buy the goods that you will be using in the process. The goods that you will be using are large in quantity and are expensive in nature, so in order to avoid any wastage and to make a good usage of the goods it becomes necessary that proper planning is been made and the order of the quantity of the required goods are made in the economic manner.
Factors that influence the economic order quantity
By calculating the economic order quantity you will get o know that how much is that you will really require and how much is surplus amount for the production process. By getting an idea about the cost you will definitely save a lot of money in future. This method of calculating will also give you a better understanding of the requirements of production process.
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