AID18744: Many business organizations have operations in which inventory management is a daily and constant process.

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AID18744: Many business organizations have operations in which inventory management is a daily and constant process. Managing a Restaurant is one such business, wherein the procurement and managing various inventory is a very strategic process. Explain the following concepts (with atleast one example) in Operations of a Restaurant business, and conclude how relevant is it in the business?

  1. Economic Ordered Quantity (EOQ)
  2. Vendor Managed Inventory (VMI)