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The annual demand for a product has been projected at 2,000 units.This demand is assumed to be constant throughout the year.The ordering cost is $20 per order,and the holding cost is 20 percent of the purchase cost.Currently,the purchase cost is $40 per unit.There are 250 working days per year.Whenever an order is placed,it is known that the entire order will arrive on a truck in 6 days.How many units should the company order each time an order is placed if the company wishes to minimize total inventory cost?
Henry Fayol
A French engineer and management theorist best known for developing a general theory of business administration and identifying 14 principles of management.
Specialization of Labor
The division of work into specific tasks, with each worker focusing on a particular task to increase efficiency and expertise.
Principles of Management
These are fundamental guidelines that outline effective management practices to run organizations efficiently and achieve organizational goals.
Functional Approach
A methodology in business or research that focuses on the specific roles and activities within a system or organization.
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