Question: please explain difrences between back order quantity 'model' and others. I mean not just back order. 1. An optimal stock policy for a material being

please explain difrences between back order quantity 'model' and others. I mean not just back order.

1. An optimal stock policy for a material being used in an enterprise will be determined. The stockout is allowed with respect to the material in question. a-Draw the stock change over time. (5p) b-Specify the differences between backorder and the economic order quantitiy model. (5p) c-Specify the differences between backorder and lost sales. (5p) d-If stock cuts are allowed, derive the formulas that give the optimum value of the quantity to be allowed for stockout. (10p)

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