(1) Basic EOQ: You need to briefly describe the basic EOQ model with modeling assumption, the...

(1) Basic EOQ:

You need to briefly describe the basic EOQ model with modeling assumption, the economic order quantity formula and the feature (insight).

(2) EOQ extensions:

Considering relaxing the assumptions in basic EOQ, you may get various EOQ model extensions. What’s the possible extension will be? For each extension, briefly describe the assumption, formula and feature as well.

(3) Considering the following situations. Classify them as either A for appropriate or L for less appropriate for application of the EOQ model, and give a brief reason.

a. Automobile manufacturer ordering screws from a vendor

b. Automobile manufacturer deciding on how many cars to paint per batch of a particular color

c. A job shop ordering bar stock

d. Office ordering copier paper

e. A steel company deciding how many slabs to move at once between the casting furnace and the rolling mill.

Expert Solution

Rahul Sunny answered 2 years ago

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