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Economic Order Quantity

Calculating the quantity to order

One commonly used method of calculating the quantity to order is the economic-order quantity (EOQ). Among the assumptions on which this method is based on is for example that the demand is relatively constant and known.

This course explains and discusses the use of the method in purchasing and inventory management.

Objectives: The purpose of the course is to provide you with insights into how to use the method of economic order quantity in replenishment of inventory levels and maintain good customer service.

Level: Supplementary, you should have worked in the area for some time.

Training Method: Economic Order Quantity is a Module course and is studied over the internet via our e-learning platform Instant education. Read more about the training method here.

Course Length:Approximately 5 hours active study time.

Price: 70 EURO / student
78 USD / student

Prices excluding VAT.
For large-scale education projects request quotation.

Online price:

55 EURO / student
61 USD / student

Prices excluding VAT.

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Course contents:

Order Quantities
Management must establish decision rules to answer how much and when should an order be placed.

Economic Order Quantity
One commonly used method of calculating the quantity to order.

Calculation Examples of EOQ
Examples of using the formulas of the economic order quantity.

Demand Ordering Systems
The important question is when to place a replacement order therefore some rules for reordering are need.

Order Point System
When the quantity of an item on hand in inventory falls to a predetermined level an order is placed.

Safety Stock
If it is necessary to provide some protection against a stock-out, safety stock can be added.

Variation in Demand during Lead Time
The pattern of demand distribution will differ for different products and markets.

Periodic Replenishment
The quantity on hand of a particular item is determined at specified, fixed-time intervals, and an order is placed.

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