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A simulation approach to examining traditional EOQ/EOP and single order exponential smoothing efficiency adopting a small business perspective

This paper addresses the question of how well classical economic order quantity (EOQ) and economic order point (EOP) logic performs under conditions of varying demand over time. A second question addressed is how well does first-order exponential smoothing serve as a forecasting tool in the face of varying demand. A small business perspective is adopted.
 The above questions are addressed for the following reasons:
 1) EOQ and EOP logic are still widely taught in schools of business, often without consideration of the current academic and practical surge of interest in material requirements planning (MRP);
 2) Small businesses will be the last to join the MRP “bandwagon” due in part to the current lack of software and cost effective computer resources—and therefore will remain the most likely candidates for continued use of EOQ and EOP in the traditional fashion;
 3) Small businesses most likely conduct less forecasting than larger organizations who provide staff to accomplish tasks such as forecasting—and therefore could potentially benefit greatly from a simplistic tool such as first-order exponential smoothing.
 A simulation approach is adopted for addressing the above defined research questions.