Inventory turnoverIn accounting, the inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. It is calculated to see if a business has an excessive inventory in comparison to its sales level. The equation for inventory turnover equals the cost of goods sold divided by the average inventory. Inventory turnover is also known as inventory turns, merchandise turnover, stockturn, stock turns, turns, and stock turnover.
Rational agentA rational agent or rational being is a person or entity that always aims to perform optimal actions based on given premises and information. A rational agent can be anything that makes decisions, typically a person, firm, machine, or software. The concept of rational agents can be found in various disciplines such as artificial intelligence, cognitive science, decision theory, economics, ethics, game theory, and the study of practical reason. In reference to economics, rational agent refers to hypothetical consumers and how they make decisions in a free market.
SatisficingSatisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met. The term satisficing, a portmanteau of satisfy and suffice, was introduced by Herbert A. Simon in 1956, although the concept was first posited in his 1947 book Administrative Behavior. Simon used satisficing to explain the behavior of decision makers under circumstances in which an optimal solution cannot be determined.
ProcurementProcurement is the method of discovering and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done. When a government agency buys goods or services through this practice, it is referred to as government procurement or public procurement.
Discrete-time Fourier transformIn mathematics, the discrete-time Fourier transform (DTFT), also called the finite Fourier transform, is a form of Fourier analysis that is applicable to a sequence of values. The DTFT is often used to analyze samples of a continuous function. The term discrete-time refers to the fact that the transform operates on discrete data, often samples whose interval has units of time. From uniformly spaced samples it produces a function of frequency that is a periodic summation of the continuous Fourier transform of the original continuous function.
Data modelingData modeling in software engineering is the process of creating a data model for an information system by applying certain formal techniques. It may be applied as part of broader Model-driven engineering (MDD) concept. Data modeling is a process used to define and analyze data requirements needed to support the business processes within the scope of corresponding information systems in organizations. Therefore, the process of data modeling involves professional data modelers working closely with business stakeholders, as well as potential users of the information system.
Social heuristicsSocial heuristics are simple decision making strategies that guide people's behavior and decisions in the social environment when time, information, or cognitive resources are scarce. Social environments tend to be characterised by complexity and uncertainty, and in order to simplify the decision-making process, people may use heuristics, which are decision making strategies that involve ignoring some information or relying on simple rules of thumb.
Modeling languageA modeling language is any artificial language that can be used to express data, information or knowledge or systems in a structure that is defined by a consistent set of rules. The rules are used for interpretation of the meaning of components in the structure Programing language. A modeling language can be graphical or textual. Graphical modeling languages use a diagram technique with named symbols that represent concepts and lines that connect the symbols and represent relationships and various other graphical notation to represent constraints.
Decision tree learningDecision tree learning is a supervised learning approach used in statistics, data mining and machine learning. In this formalism, a classification or regression decision tree is used as a predictive model to draw conclusions about a set of observations. Tree models where the target variable can take a discrete set of values are called classification trees; in these tree structures, leaves represent class labels and branches represent conjunctions of features that lead to those class labels.
Collaborative decision-making softwareCollaborative decision-making (CDM) software is a software application or module that helps to coordinate and disseminate data and reach consensus among work groups. CDM software coordinates the functions and features required to arrive at timely collective decisions, enabling all relevant stakeholders to participate in the process. The selection of communication tools is very important for high end collaborative efforts.
