​Explain the Concept of Memorylessness

question 15

Short Answer

​Explain the concept of memorylessness.

---

Definitions:

Supply Chain Performance

An assessment of how effectively and efficiently a supply chain operates, often evaluated with metrics like delivery times, costs, and product quality.

Supply Chain Cost

All expenses incurred in the production, handling, and distribution of a product or service, from raw materials to delivery to the end user.

Responsiveness

The ability of a company, organization, or system to quickly and effectively react to changes, inquiries, or demands.

Total Demand

The entire quantity of a product or service that consumers in a market are willing and able to buy over a specified time period, given all other factors being constant.