Answered Essay: Identify and evaluate at least three concepts covered in this course that you will

Identify and evaluate at least three concepts covered in this course that you will be able to practically apply in your profession now or in the future. How will you apply them?

Expert Answer

EOQ: Economic Order Quantity, What is the optimal order that should be ordered so as to minimize the total cost.

This can be applied to any regularly ordered items, for this to be optimized the ordering cost, storage cost and the demand is needed.

Optimal order of perishable items: What should be ordered if the product has a reduced salvage value, which means there needs to be a balance in ordering that there is no wastage due to excess stocking or no opportunity is lost in ordering less.

This helps see the demand, the cost, price and salvage value to formulate an optimal order to maximize profit and minimize loss.

Inventory management and safety stock: This is an assurance that the product does not go out of stock and there is no additional cost for back ordering. Hence how to maintain an optimal safety stock to insure against any inventory fluctuations.

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