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	Operations - Economic Order Quantity Model
	Rating:		Price: $19.99
	At A Glance
	This Excel spreadsheet allows inventory managers and purchasing agents to determine the optimum quantity of a given product (lot size) to be ordered if total costs are to be minimized.
	Background
	The Economic Order Quantity (EOQ), as it is known in purchasing, is the amount at which the combination of order costs and inventory carrying costs is minimized. It is the most cost effective quantity to order. The EOQ model is applicable if demand for an item has a constant rate and the entire quantity ordered arrives in inventory at one point in time.
	Benefits
	EOQ calculations are frequently used in business, both by production, purchasing and inventory managers. This tool provides everything it takes to make reliable calculations. In addition, it automatically computes the reorder point (= the amount of inventory at which new orders must be placed) and order cycle time in days, both if there is a leadtime (= period between the placement of an order and its receipt in inventory) or none. An automatically generated chart based on input data can be directly exported to any presentation.
	Time ROI
	It takes on average 8 hours to develop the model and to create the resulting chart. By using MyWorkTools.com, you will save a minimum of 6 hours developing the initial template. You will, however, need to input the annual product quantity demand, product price per unit, and selected costs to calculate the EOQ and Reorder Timing.

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