Examlex
The time between orders is variable and the order quantity is constant in the periodic inventory system.
Economic Order Quantity
A formula used to determine the ideal order quantity that minimizes the total costs of inventory, including holding costs and ordering costs.
Shortage Cost
Shortage cost refers to the costs a company incurs when it is unable to meet demand due to insufficient inventory or resources.
Net Working Capital
The discrepancy between an organization's immediate assets and its short-term obligations, showing the accessible liquidity to manage its activities.
Just-in-Time Inventory (JIT)
A supply chain management strategy aimed at reducing inventory costs and waste by receiving goods as they are needed in the production process.
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