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