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Define mastery criterion, and give an example that is not in the text.
Safety Inventory
Extra inventory held to guard against uncertainty in the demand or supply chain, ensuring that shortages are minimized.
Demand Uncertainty
The lack of predictability in consumer demand for products or services, making inventory or production planning challenging.
Coefficient Of Variation
A statistical measure of the relative dispersion of data points in a data series around the mean, expressed as a percentage.
Safety Inventories
Additional stocks held beyond expected demand to mitigate the risk of stockouts due to demand and supply variability.
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