Which mathematical model is specifically designed to determine optimal order quantities while balancing inventory holding costs and order costs in retail inventory management?

Modern retail inventory systems rely heavily on mathematical algorithms to optimize stock levels, predict demand, and minimize costs. These mathematical models have revolutionized how retailers maintain their inventory and make purchasing decisions. Test your knowledge about the mathematical foundations that power today's sophisticated retail inventory management systems!

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Economic Order Quantity (EOQ) model
Monte Carlo simulation
Markov Chain analysis
Black-Scholes equation