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(1)  (i) What is an inventory? Explain the salient features of the following inventory models:

Deterministic models                          Probababilistic models

Models under uncertainty.

(ii) in a deterministic model the ordering cost is Rs. 4500/- order. The cost of each item is Rs. 2500 and carrying cost is 10% per year. If the annual requirement is 10,000 units determine Economic Ordering Quantity (EOQ). If the inventory carrying cost decreases by 10% and ordering cost increases by 10% determine the % change in EOQ. What do you infer?         

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