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...Mgt value chain management week inventory economies of scale and uncertainty fundamentals what are inventories finished product held for sale goods in warehouses work process transit staff hired to meet service needs any owned or financially controlled raw material good anticipation a but not yet sold inbound production outbound customers sources transportation g warehousing n i v e c r materials p h s locations reasons improve customer provides immediacy availability encourage purchase allows long runs takes advantage price quantity discounts transport from larger shipment sizes act as hedge against changes purchasing take place under most favorable terms protect uncertainties demand lead times measure safety keep operations running when levels cannot be known sure contingencies buffers such events strikes fires disruptions supply...