Examlex
Power steering belt tension should be measured before testing power steering pump pressure.
Inventory
The total amount of goods or materials that a company or business has in stock, waiting to be sold or used.
Costs of Overstocking
Expenses related to holding excess inventory, including storage, insurance, and losses due to obsolescence or deteriorating items.
Costs of Understocking
Expenses incurred due to insufficient inventory levels, leading to lost sales, backorders, and potentially damaged customer relationships.
Cycle Service Level
A performance metric that measures the probability of meeting customer demand without stockouts within a given inventory cycle.
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