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Newsvendor Model
An economic model that determines the optimal inventory level for a product with uncertain demand to minimize the costs of stockouts and overage.
Decision Variable
A variable representing choices available to the decision maker in decision making or optimization problems.
Purchase Quantity
The number of units of a product or service bought in a transaction.
Bootstrapping
A self-sustaining process that proceeds without external help, in statistics, it's a method for assigning measures of accuracy to sample estimates.
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