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What is the precautionary principle? Give an example of how the precautionary principle has NOT been implemented.
Vidalia Onions
A specific variety of sweet onion grown exclusively in a designated area of Georgia, known for its unique flavor.
Safety Inventory
Additional stock that a company holds to prevent stockouts and ensure product availability, acting as a buffer against demand fluctuations.
Holding Cost
The expenses associated with keeping inventory in storage, including warehousing costs, insurance, depreciation, and potential obsolescence.
Standard Deviation
Standard deviation measures the amount of variation or dispersion of a set of values, indicating how much they deviate from the average.
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