Supply Chain Tools
Supply chain tools that are utilized to manage processes and SCM activites cut across different sectors and industries.
Some tools that can help you include: a) Inventory management tools b) Warehousing c)Transport management tools d)Project management tools e)Six sigma f) Supplier relationship h) Demand forecasting and so much more.
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1. Economic Order Quantity
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The goal of EOQ is to determine the optimal order quantity and time intervals of ordering in order to reduce costs, such as inventory carrying and ordering costs, while still having the necessary level of stock available.
Understanding and applying EOQ is essential for effectively managing inventory levels, understanding the economic implications of ordering decisions, and forming long-term strategies for operating a business.
As EOQ faces many shortcomings, other models are used in its’ place.