What is meant by inventory, Business Management

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QUESTION

1 What is meant by inventory?

2 Name the typical items carried in inventory

3 What are the assumptions for the Economic Order Quantity (EOQ)?

4 What are the characteristics of a queuing system?

5 What are the implications of waiting lines?

6 List and explain briefly the most important factors to consider in analyzing a queuing system

7 What are the assumptions of the basic simple queuing model?

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