Difference between EOQ and EOP

Economic order quantity (EOQ) is the ideal quantity of units a company should purchase to meet demand while minimizing inventory costs such as holding costs, shortage costs, and order costs. This production-scheduling model was developed in 1913 by Ford W. Harris and has been refined over time. The economic order q…[Read more]

Do you sometimes wonder what Material Management it?

Materials management is a core function of supply chain management, involving the planning and execution of supply chains to meet the material requirements of a company or organisation. These requirements include controlling and regulating the flow of material while simultaneously assessing…[Read more]

Laboratory Infromation System is the system that is being used in the laboratories. It is something that stores information in the laboratories. It records the test, results, updates, and any information that is about that patient. It helps in the processing of all medical laboratory aspects. Through LIS, the work in storing needed informations is…[Read more]