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Swimmers' ear
Vendor Managed Inventory (VMI)
A supply chain initiative where the supplier assumes the responsibility of managing inventory levels for the customer.
Outsourcing
The business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees and staff.
Holding Cost Rate
The percentage of the value of inventory held over a certain period of time as costs, including storage, insurance, and depreciation.
Economical
Characterized by efficiency and avoidance of waste, referring to the cost-effective allocation and use of resources.
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