Which mathematical model is MOST commonly used in modern retail inventory management systems to balance holding costs against ordering costs?

Modern retail inventory management relies heavily on mathematical models and algorithms to optimize stock levels, reduce costs, and maximize profits. These mathematical approaches have transformed how retailers handle their supply chains. Test your knowledge about the advanced mathematics that powers today's sophisticated inventory management systems used by major retailers worldwide.

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Economic Order Quantity (EOQ) model
Markov Decision Process (MDP)
Monte Carlo simulation
Bayesian Belief Networks