In inventory management, economic order quantity (EOQ) is the order quantity that minimizes the total holding costs and ordering costs. It is one of the oldest classical production scheduling models. The model was developed by Ford W. Harris in 1913, but R.H. Wilson, a consultant who applied it extensively, and K. Andler are given credit for their in - depth analysis.
what is basic eoq model of inventory management
the order quantity that minimizes the total holding costs and ordering costs