Which mathematical model is most commonly used in retail inventory management to determine the optimal order quantity that minimizes total inventory costs?

Inventory management is a critical aspect of retail operations that heavily relies on mathematical models and algorithms. From forecasting demand to determining optimal stock levels, mathematics plays a crucial role in ensuring products are available when customers want them while minimizing costs. This trivia question explores one of the fundamental mathematical concepts used in modern inventory management systems.

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Economic Order Quantity (EOQ) model
Monte Carlo simulation
Markov Decision Process (MDP)
Newton-Raphson optimization algorithm