1) Production smoothing balancing the cost of set-ups with inventory : 2065999
1) Production smoothing is balancing the cost of set-ups with inventory carrying costs.
2) Service level is the probability that an item will be available in stock for order fulfillment.
3) In fixed time period inventory models, inventory is reordered when it reaches a predetermined stock level.
4) Inventory that is kept at the intersection of differing stages of production to maintain continuity of processing is called hedge inventory.
5) Inventory that has been received and is in the production phase is known as phased in inventory.