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Write a short note on skills inventory.What are its advantages?
EOQ Model
Economic Order Quantity model, a formula used in inventory management to determine the optimal order size that minimizes total inventory costs.
Dependent Demand
The demand for components or raw materials that is directly tied to the demand for the final product they contribute to creating.
Production Order Quantity (POQ) Model
An inventory management model that determines the most economical quantity of a product to order or produce, balancing setup costs with holding costs.
EOQ Problem
Economic Order Quantity (EOQ) refers to the ideal order quantity a company should purchase to minimize inventory costs including holding, shortage, and order costs.
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