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Inventory models deal with the problem of determination of how much to order at a point in time and when to place an order. The main objective is to minimize the sum of three conflicting inventory costs. the cost of holding or carrying extra inventory the cost of shortage or delay in the delivery of items when it is needed a cost of ordering or setup. These are also useful in dealing with quantity discounts and selective inventory control.
Consider a queueing system with 1 counter, to which groups of customers arrive according to a Poisson proces with intensity l. The size of a group is 1 with probability p and 2 wit
Uses of Mean Deviation Mean Deviation is rarely being used as a measure of dispersion. But due to easy and simplicity in calculation. It is rather useful in busin
explian completelly the operation reserch
Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2
A paper mill produces two grades of paper viz X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper in
variuos types with example
what are the different types
Importance of Normal Distribution Normal distribution plays a very important role in statistical theory and in particular in sampling theory. It has been found th
A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i
POSSON DISTRIBUTION In binomial distribution the value of n was finite. But there are few problems when cannot be estimated. So in these binomial distribution
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