Analysis of Inventory Management of Agro-based Industries using EOQ and EPQ Model with Profit Maximization
DOI:
https://doi.org/10.32628/IJSRST229127Keywords:
EOQ, EPQ, Inventory management, Holding cost, Ordering cost, production costAbstract
Due to the perishable nature of agricultural product the Inventory management of Agro-based industry is a challenging tax. EOQ model and EPQ model has its importance & role for proper management of this category of Inventory. The success of many industries is related to their ability to provide goods and services at right time and in right place. Different organization adopt different inventory control methods to manage their inventory to avoid stock-out and overstock. This paper analyses possible parameters of existing literature, concentration, description of characteristics and of EOQ inventory control model and EPQ model that have been developed and can solve the Problem in this field & will provide maximum profit with the customer satisfaction.
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