Learning Objectives

After studying this chapter, you should be able to:

16.1: Describe the basic economic order quantity (EOQ) model and its assumptions, and use the model to solve problems.

16.2: Utilize the economic production quantity (EPQ) model to solve problems.

16.3: Solve problems using the EOQ model with quantity discounts.

16.4: Discuss the various reorder point models, and work typical problems.

16.5: Explain periodic review systems, and work typical problems.

16.6: Discuss single-period inventory systems, and work typical problems.