<P> In inventory management , economic order quantity ( EOQ ) is the order quantity that minimizes the total holding costs and ordering costs . It is one of the oldest classical production scheduling models . The model was developed by Ford W. Harris in 1913 , but R.H. Wilson , a consultant who applied it extensively , and K. Andler are given credit for their in - depth analysis . </P>
what is basic eoq model of inventory management
the order quantity that minimizes the total holding costs and ordering costs