In case of controlling of inventories, there are certain notations that are specifically used for depicting various prospects. A detailed understanding of these is of utmost importance.
- That number of units which is produced or even supplied on a particular time period to meet the created demand is depicted by = D.
- The average cost that is incurred on a per unit time is = c A
- The holding cost per unit that is associated with a per unit time is = c 1
- The shortage cost per unit that is associated with a per unit time is = c2
- The lot size in each production order size is stated by = Q
- The set up cost that is associated with production is = Cs
- While demand rate is taken to be = r, Production rate is taken to be = k
For any student, it is very important to have a clear idea of these notations for further studies.
Links of Previous Main Topic:-
- Introduction to statistics
- Knowledge of central tendency or location
- Definition of dispersion
- Moments
- Bivariate distribution
- Theorem of total probability addition theorem
- Random variable
- Binomial distribution
- What is sampling
- Estimation
- Statistical hypothesis and related terms
- Analysis of variance introduction
- Definition of stochastic process
- Introduction operations research
- Introduction and mathematical formulation in transportation problems
- Introduction and mathematical formulation
- Queuing theory introduction
- Inventory control introduction
Links of Next Statistics Topics:-
