Simple Inventory Calculator 1.10
Paid Version
Publisher Description
Simple Inventory Calculator - It allows for uncertain demand calculation and shortages
Companies that hold stock face two major costs: holding cost, and ordering. Both costs work in such a way that managers need to balance them; there is a trade-off: stock too much and your holding costs will eat your profits, keep your ordering frequency at high levels and your ordering costs will increase.
For the sake of supply chain management efficiency there are many models available. One of the most utilised systems is the ‘Economic Order Quantity’ (EOQ) model, developed by Production Engineer Ford Harris.
This simple model allows to calculate the order size, and hereby the reorder point that minimises the total cost of purchasing, ordering and holding stocks. The simplicity of the model resides in its ability to calculate such optimal quantity only considering demand, and the ordering and holding costs.
This application calculates the EOQ given an annual demand estimate, together with the total yearly orders and the total annual cost.
Further, you can choose to calculate the EOQ when shortages may arise; the possibility of shortages may come from either a technical perspective (it is possible to backorder), or from a commercial possibility (customers do not cancel an order whenever there is no inventory available and wait for the backordering process).
As an additional option, if you consider your demand is uncertain, the calculator will make use of the 'Newsvendor model' and will calculate the optimal monthly order given the selling price of the product, your costs, and the average monthly demand and its standard deviation. This is the most used models to calculate the optimal order size when demand is unknown and only the demand mean and variance is known.
About Simple Inventory Calculator
Simple Inventory Calculator is a paid app for Android published in the Accounting & Finance list of apps, part of Business.
The company that develops Simple Inventory Calculator is Business Research & Applications Limited. The latest version released by its developer is 1.10.
To install Simple Inventory Calculator on your Android device, just click the green Continue To App button above to start the installation process. The app is listed on our website since 2018-09-27 and was downloaded 44 times. We have already checked if the download link is safe, however for your own protection we recommend that you scan the downloaded app with your antivirus. Your antivirus may detect the Simple Inventory Calculator as malware as malware if the download link to com.matterofbiz.simple.eoq.calculator is broken.
How to install Simple Inventory Calculator on your Android device:
- Click on the Continue To App button on our website. This will redirect you to Google Play.
- Once the Simple Inventory Calculator is shown in the Google Play listing of your Android device, you can start its download and installation. Tap on the Install button located below the search bar and to the right of the app icon.
- A pop-up window with the permissions required by Simple Inventory Calculator will be shown. Click on Accept to continue the process.
- Simple Inventory Calculator will be downloaded onto your device, displaying a progress. Once the download completes, the installation will start and you'll get a notification after the installation is finished.