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EOQ is often taught in school and used by forecasting professionals to determine just the right amount of inventory to purchase. The formula takes into consideration the cost of ordering and the cost of carrying the inventory on the shelves, while ensuring that the firm doesn't buy too much or run the risk of a stock-out.

Some factors that affect personal auto insurance premium calculation may broadly be categorized as Driver/Insured attributes, Vehicle attributes, and the Risks covered, as below.