Which mathematical model revolutionized retail inventory management by introducing the concept of 'Economic Order Quantity' that balances ordering costs and holding costs?

Modern retail inventory management relies heavily on mathematical models to predict demand, optimize stock levels, and reduce costs. From the Wilson Formula to sophisticated machine learning algorithms, mathematics is the backbone of efficient inventory systems. This trivia tests your knowledge about a groundbreaking mathematical model that revolutionized how retailers approach inventory optimization. Do you know which mathematical innovation transformed retail inventory management in the digital era?

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Wilson EOQ Formula (1913)
Markov Chain Inventory Model (1967)
Bayesian Demand Forecasting (1992)
Monte Carlo Inventory Simulation (1975)