Practical Management Science
Practical Management Science
5th Edition
ISBN: 9781305250901
Author: Wayne L. Winston, S. Christian Albright
Publisher: Cengage Learning
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Chapter 12.5, Problem 19P
Summary Introduction

To use: A probability argument to show the reason why Q-1 and Q+1 are worse than Q in terms of the expected cost.

Inventory and supply chain models:

The functions of inventory and supply chain are one of the most important business decision areas for an organization. The first important aspect of these concepts is to have adequate inventory on hand. The second important aspect is to carry a little amount of inventory as possible.

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