Discuss the concept of stockout costs. How can a stockout cost be calculated?
Answer to relevant QuestionsDistinguish between a fixed order quantity and fixed order interval system. Which one generally requires more safety stock? Why?What are substitute items, and how might they affect safety stock policies?Explain how the location decision process involves several layers of screening or focus.What are maquiladoras? Why has there been a resurgence in maquiladoras in recent years?Discuss advantages and disadvantages to grid systems such as the center-of-gravity and weighted center-of-gravity approaches.
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