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Define the following:one-shot case study
Average Inventory
The mean stock level held by a company over a certain period, calculated to understand inventory trends and management effectiveness.
Optimal Order Quantity
Optimal Order Quantity is the ideal amount of inventory a business should purchase to minimize costs while meeting demand without overstocking or understocking.
Economic Order Quantity
A formula used to determine the optimal order quantity that minimizes the total inventory holding costs and ordering costs.
Flow Time
The total time it takes for a product to move through a production process, from start to finish, including both processing and waiting times.
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