How does Economic order quantity differ from economic production quantity?

Economic Order Quantity (EOQ): in this method, our interest is on the raw material that we are going to use in the production. However, we need to do the EOQ method for each kind of raw material, if the product needs multiple material to be manufactured. Usually, this type of analysis is one shot method, because the period we are planing to order for is long (the assumption is that the period is non-ending) As for Economic Production Quantity (EPQ): The concentration is one the final product , which has been manufactured in the plant.

This analysis is done once just like EOQ. A company could have more than one product that is when we do this method for each product. Here we assume that the production rate is greater than the demand rate.In this case we will need to manufacture the product for a certain period (production uptime).

Then we stop the production (production shutdown) until the next uptime, which should be around the time where the inventory is near finishing. For the case where the demand is greater than the production you just produce the maximum amount you can.

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