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Title: Operations Management Principles IP 4

Essay Details

Subject: Business
Author: Russell C
Date: November 18, 2013
Level: University
Grade: A
Length: 3 / 783
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

The larger each order quantity, the fewer the number of orders placed in a year and hence, the lower the annual ordering cost. However large order quantities lead to higher levels of inventory and therefore higher annual inventory holding costs. Unfortunately, the ordering cost is incurred by the purchase department and the inventory holding cost by the operations department...

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The director of purchasing is reducing his department??s cost (by having a large order quantity) while increasing the operation department??s cost. (Stevenson, 2007) Both departments should be working towards minimizing the total cost to the company. Hence, the economic order quantity (EOQ) should be determined such that the total cost to the company is minimized...

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