Economic Order Quantity (EOQ) models are supportive in determining accurate inventory decisions.
1) Describe the major inventory costs that are used in determining Economic Order Quantities.
2) Propose an EOQ instance from your own experience or what you could imagine where EOQ could be used to recover inventory decisions. Describe the derivation of the EOQ, and provide the model in an Excel attachment as a reference. You must always describe key findings from your modelling efforts in the main body of your discussion posting.
3) Describe why you chose the model you used in your example as opposed to other models presented in the textbook. For instance, if you select Basic EOQ describe why you selected Basic EOQ as opposed to EOQ without Instantaneous Receipt