Quality is “your focus on the satisfying your customer’s needs”. Therefore, it can be said that the “quality of a product or service” is the extent to which it incorporates features and characteristics that allow the customer to use it. At the same time you are satisfying their needs.

Quality can also be defined as being fit for the intended…[Read more]

Economic order quantity (EOQ) logic states that, for a given inventory item, total variable cost is the sum of ordering costs and inventory carrying costs. This logic presupposes that ordering costs are balanced against (equal to) inventory carrying costs. Generally, safety stock carrying costs and out-of-stock costs are ignored, the latter often…[Read more]