“Although the impact of alternative stock management philosophies such as Just-in-Time (JIT) should be acknowledged, more traditional optimizing approaches to inventory management such as Economic Order Quantity (EOQ) still continue to offer valuable information for decision making”.
Drawing on the above statement and using examples from business, critically compare Just-in-Time (JIT) purchasing and stock management with the traditional Economic Order Quantity (EOQ) model. You must support your arguments by citing relevant literature.
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