Which mathematical technique revolutionized retail inventory management by minimizing costs while maintaining optimal stock levels?

The retail industry increasingly relies on mathematical models to optimize operations and drive sales. From inventory forecasting to customer behavior prediction, mathematics plays a crucial role in modern retail strategy. This trivia question explores how retailers are using advanced mathematical concepts to gain competitive advantages in the marketplace. Test your knowledge about the intersection of mathematics, data science, and retail innovation!

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Economic Order Quantity (EOQ) model, developed by Ford W. Harris in 1913
Monte Carlo simulation, pioneered by Stanislaw Ulam in the 1940s
Markov Chain analysis, formulated by Andrey Markov in the early 1900s
Fibonacci sequence optimization, adapted for retail by Joseph Schumpeter in 1937