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Several inventory models assume "independent demand." Explain what that term means and why the assumption is important.
Standard Normal Distribution
A probability distribution that has a mean of zero and a standard deviation of one, used as a basis in inferential statistics.
Probability
A measure of the likelihood that a specific event will occur, often expressed as a number between 0 and 1.
Standard Normal Distribution
A normal distribution with a mean of 0 and a standard deviation of 1.
Random Variable
A variable that can take on different numerical values based on the outcome of a random event.
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