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Discuss the Just-In-Time Inventory System

question 57

Essay

Discuss the just-in-time inventory system.


Definitions:

Sample Space

The set of all possible outcomes or results in a probability experiment.

Random Experiment

An experiment or process for which the outcome cannot be predicted with certainty ahead of time, involving random variables.

Mutually Exclusive

refers to events that cannot occur at the same time in a probabilistic experiment.

P(A)

The probability of an event A occurring.

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