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Average Time
The mean value of a set of time measurements, calculated as the sum of all times divided by the number of occurrences.
Queue
A sequence of items or people waiting in line to be processed or attended to, often ordered by the principle of first-in, first-out (FIFO).
Reorder Point
The inventory level at which a new order should be placed to replenish stock before it runs out, considering lead time and demand.
Inventory Level
Inventory level refers to the quantity of goods and materials on hand at a particular point in time within a business.
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