Examlex
What are the advantages and disadvantages of switching?
Service Level
A measure of the quality of service provided, often defined in terms of customer satisfaction, response time, and availability.
Reorder Point
The inventory level at which a new order should be placed to replenish stock before it runs out, based on lead time and demand rates.
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.
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