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Explain the three lot sizing methods, and under what circumstances each works best:
a.Lot-for-lot (LFL)
b.Fixed-order quantity (FOQ)
c.Periodic-order quantity (POQ)
Error Variable
A random variable that represents the difference between a predicted value and the observed actual value in statistical models.
Pearson Coefficient
A statistic that quantifies the linear relationship between two datasets, reflecting the degree to which they move together.
Gas Mileage
A measure of a vehicle's fuel efficiency, usually expressed in miles per gallon (mpg) or kilometers per liter (km/l).
Truck Speed
The rate at which a truck moves, usually measured in miles per hour or kilometers per hour.
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