Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Seljuk Turks
Reorder Point
The inventory level at which a new order should be placed to replenish stock before it runs out, considering lead times.
Average Inventory
The mean amount of inventory held over a specific period, used to calculate turnover rates and order quantities.
Service Level
A measure of the quality of service provided to customers, often reflected in the availability or reliability of a service.
Safety Inventory
Extra inventory kept on hand to guard against variability in demand or supply and prevent stockouts.
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