When a retail business wants to optimize its supply chain, what data-driven technique can be most effective?
- Inventory Optimization
- Monte Carlo Simulation
- Regression Analysis
- Time Series Forecasting
Monte Carlo Simulation is an effective data-driven technique for optimizing supply chains. It involves modeling different scenarios to simulate the impact of various factors on the supply chain. Inventory optimization focuses on managing stock levels, regression analysis explores relationships between variables, and time series forecasting predicts future values based on historical data.
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