Examlex
The first two steps of the rational approach are ______.
Setup Cost
The expenses incurred to prepare equipment, processes, or systems for manufacturing an order or batch of product.
Carrying Cost
The total cost of holding inventory, including storage, handling, insurance, and opportunity costs, over a certain period of time.
Safety Stock
Additional inventory held to protect against variability in demand or supply, ensuring that stockouts are minimized and service levels are maintained.
Lead Time
The total period needed to fulfill an order from the moment it is placed until it is delivered to the customer.
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