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CIPS Exam L3M2 Topic 1 Question 8 Discussion

Actual exam question for CIPS's L3M2 exam
Question #: 8
Topic #: 1
[All L3M2 Questions]

The letters 'EOQ' refer to:

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Suggested Answer: C

The Economic Order Quantity is a formula which attempts to calculate the most efficient quantity to order at any given time, by attempting to reconcile the cost of stockholding and the cost of plac-ing an order. This could then have implications for the timing of an order being placed.

The cost of holding stock can be reasonably accurately calculated and agreed with one's peers. However, determining the cost of placing an order can keep colleagues up late into the night, and can be a great topic to liven up a sleepy procurement / finance function.


by Andrew at Apr 25, 2024, 09:21 AM

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Corrina
10 months ago
No, I'm pretty sure it's about ordering quantity, not emotional intelligence.
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Natalie
10 months ago
I'm not so sure, I think EOQ might be related to emotional intelligence.
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Olen
11 months ago
I agree with User 1, EOQ is definitely about finding the best quantity to order.
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Corrina
11 months ago
I think EOQ stands for the idea of an optimum quantity to order.
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Delsie
12 months ago
Actually, it refers to the idea of an optimum quantity to order.
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Augustine
12 months ago
I think it's the notion of there being a best time to order.
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Coletta
12 months ago
Do you know what 'EOQ' stands for?
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