probabilistic inventory control definition

probabilistic inventory control

Method based on the assumption that the average demand for inventory items is reasonably constant over time. And, therefore, it is possible to describe the probability distribution of the demand, specially during replenishment lead time. Also called stochastic inventory control. See also deterministic inventory control.

probabilistic inventory control is in the Inventory Control & Storage subject.

probabilistic inventory control appears in the definition of the following term: stochastic inventory control

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