Economic order quantity

Economic order quantity (EOQ), also known as financial purchase quantity or economic buying quantity,^{[citation needed]} is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models. The model was developed by Ford W. Harris in 1913, but the consultant R. H. Wilson applied it extensively, and he and K. Andler are given credit for their in-depth analysis.^[1]