EOQ and JIT are two ways of managing and organizing inventories. Inventories are stock of items available at a particular location or business. EOQ is the short form of Economic Order Quantity. It entails the method of planning for the actual order quantity a company or any business enterprise should buy for its inventory.
This is done by putting into consideration the cost of production and the demand for the products. EOQ is very easy to calculate. It can be calculated by using this formula; Q=√2DS/ H. Where Q is the EOQ units, D stands for demand in a unit, S stands for Order cost, and H stands for Holding cost. JIT is the short form of Just In Time.
This describes the practice of providing customers with needed stocks at the appropriate time, such that there won't be any form of a reduction in terms of the quantity and quality. This practice reduces the effort one puts into sorting out of goods. Available stocks are moved from the warehouse to the store.