The Economic Order Quantity (EOQ) inventory management model is a method used to determine the ideal order quantity for ordering and stocking inventory. This model helps businesses decide how much product they need to order, when it should be ordered, and at what cost. By using the EOQ model, companies can better manage their inventory, reduce costs associated with ordering and stocking, and optimize their stock levels to meet customer demand. With an efficient EOQ system in place, businesses can maximize profits while minimizing time and resources spent on managing inventory.