What is the purpose of the EOQ and the ROP

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How can firms use big data to make better decisions?

What is the purpose of the EOQ and the ROP? How can they be used together?

What are the two major costs considered in the EOQ model? Why is the total purchase price not a factor affecting the order quantity?

Explain whether the continuous review or periodic review inventory system is likely to result in higher safety stock. Which is likely to require more time and effort to administer? Why?

Reference no: EM132226312

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