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The just-in-time inventory system focuses on minimising
Probability
A measure quantifying the likelihood that an event will occur, expressed on a scale from 0 to 1.
Uniform Distribution
A type of probability distribution in which all outcomes are equally likely over a given range.
Waiting Time
The duration of time that elapses while waiting for a particular event or service to occur.
Continuous Random Variable
A variable that can take on an infinite number of values within a given range, where the outcomes cannot be counted and can only be described using intervals.
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