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Define the term Economic Order Quantity.
Economic Order Quantity (EOQ):
A mathematical computation for a fixed quantity of inventory ordered every time which would minimise the whole of ordering and holding cost. Economic Order Quantity is an illustration of a continuous inventory system.
If you were the database administrator for the iTunes store, how might you use predictive analysis to determine which artists and movies will sell most next year?
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Demand for Caruso's Frozen Pizza (CFP) is normally distributed. The demand for CFP averages 400 per day with a standard deviation of 200. Weekly demand (5 days) averages 2,000 unit
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Why are services typically more difficult to standardize, automate, and make efficient?
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