Explain how a fixed-order-quantity inventory system operates

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a. In the context of inventor)' management explain the concept of:

i. Independent demand. Give an example.

ii. Dependent demand. Give an example.

iii. The importance of Forecasting data in a manufacturing company.

b. Explain how a fixed-order-quantity inventory system operates, and how to use the Economic Order Quantity (EOQ) and safety stock models.

Use diagrams where appropriate in support of your answer.

Reference no: EM131818779

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