The Economic Order Quantity is the optimum quantity of goods and services to be purchased from at one time in order to abbreviate as the annually exhaustive of ordering and carrying or holding items in inventory management. EOQ is also referred to as the Optimal Lot Size Formula. In other words, it describes the optimal quantity of inventory turnover a company should order all time, in order to minimize the costs allied with ordering and holding inventory. https://www.ceobottomline.com/