Inventory Management: Order Point (OP)

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5 Questions

What are the two main decisions in inventory planning related to order point?

Order quantity and Order point

What does Continuous DDLT distribution represent?

Probability distribution of all possible demands during lead time (DDLT) values

What are some examples of distributions that are considered under Continuous DDLT distribution?

Normal distribution, ‘t’ distribution, Exponential distribution

What is the continuous variable in the Continuous DDLT distribution?

Demand during lead time (DDLT)

What does DDLT stand for in the context of inventory management?

Demand during lead time

This quiz covers the concept of order point in inventory management, focusing on the decision of when to order items. It discusses terms such as continuous DDLT distribution and the probability distribution of all possible demands during lead time.

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