Examlex
State the law of supply and explain it.
Costs of Understocking
Expenses incurred due to insufficient inventory levels, leading to lost sales, backorders, and potentially damaged customer relationships.
Cycle Service Level
A performance metric that measures the probability of meeting customer demand without stockouts within a given inventory cycle.
Profitability
A measure of the efficiency and effectiveness of a company's operations, indicated by its ability to generate income relative to revenue, assets, equity, or other financial metrics.
Demand Uncertainty
Refers to the unpredictability of customer demand for a product or service, making it difficult for companies to accurately predict sales volumes.
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