In the multiperiod newsvendor model with no lost sales when stockouts occur, the cost of being under is just the loss of goodwill and the lost profit

The (Q,R) model require a system that has a continuous review inventory policy

The 2 most important questions in inventory management are, when to order and when to produce?

As uncertainty increases, we generally expect the inventory level to go up

The (Q,R) policy requires a system whose demand is random and non stationary.

Type 2 Service in (Q,R) policy deals with the proportion of demand that is satisfied.

For ABC analysis, one determines classes of products by looking at the total number of units sold

Type 1 Service in (Q,R) policy deals with the proportion of demand that is satisfied.

In inventory control problems, relevant cost is the setup cost only.

The newsvendor model can only be applied to demand that has a continuous distribution function.