Spreadsheet Models for Managers
Getting Access to Spreadsheet Models for Managers
If 
you use Excel to model businesses, business processes, or
business transactions, this course will change your life. You’ll learn how to create tools for yourself that will amaze
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Spreadsheet Models for Managers
| Effects of demand on inventory strategy | 11/7 Session Links |
In some special cases, you can actually compute a lowest-cost order quantity. These cases are characterized by constant demand. As we’ll see, under this assumption, we can deduce quite a lot about the lowest-cost order quantity.
In practice, demand is rarely constant. However, when the variations in demand are much slower than the frequency of ordering, constant demand is a good and useful simplifying assumption.
Last Modified: Wednesday, 27-Apr-2016 04:15:26 EDT
Although the assumption of constant demand is critical to justifying the derivation of the formula for Economic Order Quantity, most problems don’t satisfy that requirement in the strict sense. But EOQ is nevertheless a valuable concept in two kinds of circumstances. The first case is when the time scale of the inventory management decisions is much shorter than the time scale of the variations in demand. And the second is when the fluctuations in demand occur much more rapidly than the inventory management decisions.
These two approximations occur repeatedly in modeling problems. Watch for opportunities to apply them elsewhere.