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What Essential Features of Inventory Management Are Successfully Captured by the Economic

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Essay

What essential features of inventory management are successfully captured by the economic order quantity model?


Definitions:

Tacit Knowledge

Strategies for success that are not explicitly taught but that instead must be inferred.

Componential Intelligence

A facet of Sternberg's Triarchic Theory of Intelligence that involves analytical problem-solving abilities, including the ability to evaluate, analyze, and compare.

Contextual Intelligence

Contextual intelligence is the ability to understand the limits of our knowledge and to adapt that knowledge to an environment different from the one in which it was developed.

Metacognition

The knowledge or awareness of one’s own cognitive processes, and the ability to monitor and control those processes.

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