Industrial Engineering and Production Management
Inventory control in production, planning and control aims at

Acceptable customer service at low capital investment in inventory
Achieving optimization
Discounts allowed in bulk purchase
Ensuring against market fluctuations

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Industrial Engineering and Production Management
Pessimistic time is

The most probable time considering all conditions
The average time required for a job
The minimum time in which an activity can possibly be accomplished
The maximum time which an activity might require

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