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Just-in-time scheduling minimizes inventory by outing materials to workstations "just in time" to be used.
European Call Option
A financial contract that gives the buyer the right, but not the obligation, to buy a certain asset at a specified price (strike price) on a specified date.
Strike Price
The specified price at which the holder of a financial option can buy (in the case of a call option) or sell (in the case of a put option) the underlying asset.
European Put Option
A contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a predetermined price on or before a specified date.
Reorder Point
The inventory level at which a new order should be placed to replenish stock before it runs out, considering lead time.
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