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MBA 515 Economic Order Quantity Business Discussion
MBA 515 Economic Order Quantity Business Discussion
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
MBA 515 Economic Order Quantity Business Discussion
Initial Posting
Economic order quantity (EOQ) is the ideal order quantity a company should purchase for its inventory given a set cost of production, a certain demand rate, and other variables. This is done to minimize inventory holding costs and order-related costs.
The Following excerpt is taken from How to make EOQ Relevant Again (Links to an external site.) (2012).
EOQ will increase as the annual demand and the cost of ordering increase and it will decrease as the cost of carrying inventory and the
MBA 515 Economic Order Quantity Business Discussion
The concepts of Just-in-Time (JIT) and Lean have led many to question the continued relevance of Economic Order Quantity (EOQ), whose function is to identify the optimum order with the lowest cost parameter.
In response, yes, it is still valid as a basic analytic tool, however, many supply chain industry executives perceive it as irrelevant. Many companies cannot apply it—even if they wanted to—because they do not know their acquisition costs to place an order or their yearly inventory carrying cost rate.
EOQ is used despite its highly restrictive assumptions that: demand is relatively constant and is known or predictable; the item is purchased in lots or batches and not continuously; the order and preparation costs (acquisition or
purchase cost per order) and the inventory carrying costs are constant and known; and replacement of inventory occurs all at once. And knowing how to apply EOQ practically is just as important as being able to use the formula
calculation itself.
MBA 515 Economic Order Quantity Business Discussion
Determine your metrics
EOQ involves determining the optimal quantity to purchase when orders are placed. For example, small orders result in low inventory levels and inventory carrying costs, frequent orders and higher ordering costs; while large orders
result in higher inventory levels and inventory carrying costs and infrequent orders and lower ordering costs.
Alarmingly, many companies have never determined their cost of placing and processing a single purchase order (e.g., the time and extra cost to send in an order for an item, receive it, handle the supplier’s invoice and pay for it).
This cost of placing and processing a single paper-based purchase order (PO) is often substantial—in the range of $35 to $200 per PO. The cost impact of placing and processing a single PO in many instances is further aggravated
by the higher receipt handling processing and inbound freight charges that may incur for smaller and more frequently delivered orders. Worse yet is that some companies only use the holding cost as the extra cost of money invested
in stock rather than an inventory carrying cost (ICC) rate. Normally, the holding cost portion is the actual out-of-pocket expense for money borrowed from a bank or interest which varies with the prime borrowing rate. For others, the
holding cost may constitute the imputed “opportunity cost” on the use of equity capital earned by investing it in a high yielding security.
MBA 515 Economic Order Quantity Business Discussion
In your initial post, defend your position on batch size and tell whether Economic Order Quantity (EOQ) is relevant to your selected company/industry. Identify how metrics are used in the company/industry to support use of batch size or EOQ. Enter your company’s story along with narrative and relevant metrics in the initial post of the Discussion Forum.
MBA 515 Economic Order Quantity Business Discussion
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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MBA 515 Economic Order Quantity Business Discussion
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