Inventory Control and EOQ Forecasting Tools as Effective Decision-Making Model

Abstract

Inventory management is one of the crucial aspects of any business that affects how the company handles the profits and losses. The type of inventory that the management has implemented will either cause problems to the entire supply chain or affect how the overall gains are shared. Through the adoption of inventory controlling technologies, the business will be able to handle the increase in demands and have a transparent, informational infrastructure on the product consumption patterns. One such useful inventory control technology is the Economic Order Quantity (EOQ). Through the adoption and implementation of this technology, the business can enhance its inventory management and the way they handle consumption. More so, this method helps collect information from the various aspects of the business, informing the administration's decisions. Through systematic researching, this paper will tell whether with the use of inventory control systems and, more specifically, the use of Economic Order Quantity will help the business make a stride in reducing the cost associated with inventory managements.