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Describe 3 advantages and 3 disadvantages of longitudinal designs
Order Lead Time
The time duration from placing an order to receiving the order, crucial in inventory management and customer satisfaction.
Stockout Risks
The potential for inventory shortages that can result in lost sales, customer dissatisfaction, and negative impacts on a business's reputation and income.
EOQ
Economic Order Quantity, a formula used in inventory management to determine the optimal order size that minimizes total inventory costs.
Safety Stock
Additional inventory kept in reserve to protect against stockouts due to variability in demand or supply.
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