Question

Distinguish between deterministic and stochastic models in inventory theory

Answer 1

Answer:deterministic and stochastic models in inventory theory

Explanation:In deterministic models, the output of the model is fully determined by the parameter values and the initial conditions initial conditions. Stochastic models possess some inherent randomness. The same set of parameter values and initial conditions will lead to an ensemble of different outputs.

Answer 2

Distinguish between deterministic and stochastic models in inventory theory:

Deterministic models:

• The deterministic is model is meant as the model with no randomness in the futuristic model. No other path is determining the inventory details.
• This model is meant to provide the initial mean results as same as initial one on all the time.

Stochastic models:

• The stochastic model is meant for random probability distribution and end result being completely different from initial one, but it is not precise it may be guess.
• Hence the determined distribution is with the determined form and  stochastic is with different results.

To know more:

Deterministic and stochastic models definition

https://brainly.in/question/3271201