Question: 7. Although the classical inventory decision model, known as the EOQ model, is too oversimplified to represent many of the real-world situations, it is an

7. "Although the classical inventory decision model, known as the EOQ model, is too oversimplified to represent many of the real-world situations, it is an excellent starting point to develop more realistic and complex inventory decision models." In the light of this statement, explain the major limitations of the EOQ model. Also explain the major techniques developed by management scientists to overcome these.

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