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A manager reorders lubricant when the amount on hand reaches 422 pounds. Average daily usage is 45 pounds, which is normally distributed with a standard deviation of three pounds per day. Lead time is nine days. What is the risk of a stockout?
Net Income
Profit calculated after deducting all operating expenses, interest, taxes, and any other charges from total revenues.
Service Firm
An enterprise offering non-physical products or services to its customers, as opposed to tangible items.
Merchandising Company
A business that purchases goods in finished form for resale to consumers, generating revenue through sales activities.
Retailer
A business or person that sells goods directly to consumers from a physical or online store.
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