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Economic order quantity. Economic order quantity ( EOQ ), also known as financial purchase quantity or economic buying quantity, [citation needed] is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models.
Allan variance is defined as one half of the time average of the squares of the differences between successive readings of the frequency deviation sampled over the sampling period. The Allan variance depends on the time period used between samples, therefore, it is a function of the sample period, commonly denoted as τ, likewise the ...
Dynamic lot-size model. The dynamic lot-size model in inventory theory, is a generalization of the economic order quantity model that takes into account that demand for the product varies over time. The model was introduced by Harvey M. Wagner and Thomson M. Whitin in 1958. [ 1][ 2]
The economic production quantity model (also known as the EPQ model) determines the quantity a company or retailer should order to minimize the total inventory costs by balancing the inventory holding cost and average fixed ordering cost. The EPQ model was developed and published by E. W. Taft, a statistical engineer working at Winchester ...
t. e. In statistics, the Bayesian information criterion ( BIC) or Schwarz information criterion (also SIC, SBC, SBIC) is a criterion for model selection among a finite set of models; models with lower BIC are generally preferred. It is based, in part, on the likelihood function and it is closely related to the Akaike information criterion (AIC).
Material requirements planning. Material requirements planning ( MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes. Most MRP systems are software -based, but it is possible to conduct MRP by hand as well. An MRP system is intended to simultaneously meet three objectives:
Tolerance interval. A tolerance interval ( TI) is a statistical interval within which, with some confidence level, a specified sampled proportion of a population falls. "More specifically, a 100×p%/100× (1−α) tolerance interval provides limits within which at least a certain proportion ( p) of the population falls with a given level of ...
Fermi problem. In physics or engineering education, a Fermi problem (or Fermi quiz, Fermi question, Fermi estimate ), also known as a order-of-magnitude problem (or order-of-magnitude estimate, order estimation ), is an estimation problem designed to teach dimensional analysis or approximation of extreme scientific calculations.
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