What is the general purpose of replenishment models?

To decrease work in progress and excess inventory, thereby saving cost and time

To improve poor inventory policies by considering the purchase, order, holding, and stockout costs and find

the optimal quantity that minimizes these costs

To find the optimal quantity of each piece of inventory that should be ordered to minimize both costs and

stockouts and the frequency of replenishing the items

To create standard structures that can be consistently applied to inventory items in support of ongoing

management, summary reporting, and performance tracking