Question

When was the first mathematical model for inventory management developed?

a) 1913
b) 1770
c) 1930
d) 1900
e) 1865

Answer 1

The first mathematical model for inventory management was developed in 1913 by Ford W. Harris. This model is known as the Economic Order Quantity (EOQ) model.

Step-by-step explanation:

The first mathematical model for inventory management was developed in 1913. This model, known as the Economic Order Quantity (EOQ) model, was proposed by Ford W. Harris. The EOQ model is used to determine the optimal order quantity that minimizes total inventory costs by balancing the cost of holding inventory with the cost of ordering inventory.