A review of Economic Order Quantity modelling, their extensions and applicability

Abstract Inventory control and management is an important task for every organization, wherein they need to determine the order quantity period maintain enough inventory meet demand. The original Economic Order Quantity (EOQ) model was developed by Ford W. Harris address this problem optimal that helps in optimizing cost incurred organization. Even though gives a very good approximation on these parameters, there were many inherent restrictions based un-realistic expectations. In over century since its publication, researchers have made extensions limitations align it with real world scenarios. review paper, we intend provide representation of EOQ model, various limitations.