Inventory controlInventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction.
Semantic data modelA semantic data model (SDM) is a high-level semantics-based database description and structuring formalism (database model) for databases. This database model is designed to capture more of the meaning of an application environment than is possible with contemporary database models. An SDM specification describes a database in terms of the kinds of entities that exist in the application environment, the classifications and groupings of those entities, and the structural interconnections among them.
Government procurementGovernment procurement or public procurement is the procurement of goods, services and works on behalf of a public authority, such as a government agency. Amounting to 12 percent of global GDP in 2018, government procurement accounts for a substantial part of the global economy. To prevent fraud, waste, corruption, or local protectionism, the laws of most countries regulate government procurement to some extent. Laws usually require the procuring authority to issue public tenders if the value of the procurement exceeds a certain threshold.
ConnectionismConnectionism (coined by Edward Thorndike in the 1930s) is a name of an approach to the study of human mental processes and cognition that utilizes mathematical models known as connectionist networks or artificial neural networks. Connectionism has had many 'waves' along the time since its beginnings. The first wave appeared in the 1950s with Warren Sturgis McCulloch and Walter Pitts both focusing on comprehending neural circuitry through a formal and mathematical approach, and Frank Rosenblatt who published the 1958 book “The Perceptron: A Probabilistic Model For Information Storage and Organization in the Brain” in Psychological Review, while working at the Cornell Aeronautical Laboratory.
Homo economicusThe term Homo economicus, or economic man, is the portrayal of humans as agents who are consistently rational and narrowly self-interested, and who pursue their subjectively defined ends optimally. It is a word play on Homo sapiens, used in some economic theories and in pedagogy. In game theory, Homo economicus is often modelled through the assumption of perfect rationality. It assumes that agents always act in a way that maximize utility as a consumer and profit as a producer, and are capable of arbitrarily complex deductions towards that end.
