EOQ Quick is an easy-to-use Economic Order Quantity (EOQ) Calculator that also gives you the cost associated with the optimal ordering quantity.
It serves as a great tool whether you are a student of OR, or in the business of replenishment, requiring snap access to the calculation.
It calculates EOQ using the Basic EOQ Model, which is formulated as:
EOQ = Sqrt((2 * Demand per unit time * Setup Cost for Ordering one batch) / Holding Cost per unit per unit of time))
Optimal Cost = EOQ * Holding Cost per unit per unit time
For calculating the optimal order quantity, the following assumptions are made:
a) Constant demand rate of D units per unit of time
b) Order Quantity Q arrives all at once just when desired, namely, when the inventory drops to zero
c) Constant lead time