A decision model that determines the optimum order size for purchasing or manufacturing an item in stock, balancing ordering and holding costs.
Just-In-Time (JIT) techniques are inventory management strategies designed to increase efficiency and reduce waste through the timely knowledge and handling of materials.
Visibility refers to the immediate insights that managers gain into a business operation through effective supply chain management. It involves tracking and managing all aspects of the supply chain process, from procurement of raw materials to delivery of the final product.
