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Why is the concept of validity important in selection?
Carrying Cost
The total cost of holding inventory, including storage, handling, insurance, and opportunity costs, among others.
Warehouse Security
Measures and practices implemented to protect stored goods, inventory, and facilities from theft, damage, and other risks.
Finding Suppliers
Refers to the process of identifying and selecting vendors or manufacturers that can provide the necessary goods or services for a business.
Machinery Set-Ups
The process and cost associated with configuring and preparing industrial machinery for a specific production run.
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