Question: Explain ABC inventory classification in detail. What principle is it based upon? Daily demand for a product is 150 units, with a standard deviation of

Explain ABC inventory classification in detail. What principle is it based upon?

Daily demand for a product is 150 units, with a standard deviation of 30 units. The review period is 12 days and the lead time is 8 days. At the time of review there are 55 units in stock. If 98% service probability is desired, how many units should be ordered.

Compare and contrast the fixed order quantity model and the fixed time period model.

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