Please Define the Following Key Terms

question 11

Short Answer

Please define the following key terms.
-ceremonial state

---

Definitions:

Demand Frequency

The rate or interval at which a product or service is requested or required by customers.

Weekly Demand

The total quantity of a product or service that customers want to purchase over the course of a week, impacting inventory levels and production planning.

Lost Sale

A situation in which a potential sale is not realized, often due to stock unavailability, pricing issues, or the customer's decision to purchase from a competitor.

Order Policy

Guidelines or rules defining how and when inventory orders should be placed to maintain optimal stock levels and minimize costs.