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Define the term Economic Order Quantity.
Economic Order Quantity (EOQ):
A mathematical computation for a fixed quantity of inventory ordered every time which would minimise the whole of ordering and holding cost. Economic Order Quantity is an illustration of a continuous inventory system.
Explain David McClelland's "Three Needs Theory"
factors that influence redesign process
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What is the Economic Order Quantity technique and what are the basic assumptions the model formula follows?
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