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According to research conducted by Karpicke & Blunt (2011) , students
Economic Order Quantity
The optimal quantity of stock to order at one time, considering holding costs and ordering costs, to minimize total inventory costs.
Safety Stock
Additional inventory kept on hand to prevent stockouts caused by fluctuations in demand or supply delays.
Lead Time
The amount of time it takes for a process to go from the initiation phase to its completion.
Monthly Usage
The total amount of a resource or input consumed within a month, often tracked for budgeting and planning purposes.
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