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QUESTION 2 (b) Explain the following; i. Re-order level ii. Minimum stock level iii. Maximum stock level iv. Average stock level v. Re-order quantity vi.

QUESTION 2

(b) Explain the following;

i. Re-order level

ii. Minimum stock level

iii. Maximum stock level

iv. Average stock level

v. Re-order quantity

vi. Re-order period

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