Which of the following is a statistical technique that determines the quantity of inventory that a business must hold to minimize total inventory cost?
A)JIT
B)EOQ
C)Reorder point
D)Microinventory

Question

Quizplus · Accepted Answer

EOQ (Economic Order Quantity) is a statistical technique that calculates the optimal quantity of inventory to order at any given time to minimize total inventory costs, including ordering costs and holding costs. By using EOQ, businesses can efficiently manage their inventory levels and minimize the potential for stockouts or excess inventory.

Which of the Following Is a Statistical Technique That Determines