Definition:
Economic order quantity (EOQ) is the ideal order quantity a company should purchase for its inventory given a set cost of production, a certain demand rate, and other variables. This is done to minimize inventory holding costs and order-related costs.
Further Reading:
Book: Playing to win by A. G. Lafley and Roger L. Martin
Definition:
Bernoulli trial is also known as binomial trial where only two outcomes of a given experiment is possible. If a flip a coin, only two outcomes are possible, that is, head and tail. Hence, flipping of coin is a Bernoulli trial. If we roll a dice six outcomes are possible, that is, 1,2,3,4,5,6 and hence, rolling of a dice is not a Bernoulli trial. To get the probability of the outcomes of a Bernoulli trial, binomial probability formula is used. Some real life examples of a Bernoulli trial are if a bulb is on or off, if a question is answered correctly or not, if a student has passed or failed.
Further Reading:
Book: Playing to win by A. G. Lafley and Roger L. Martin
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