In order to derive the probability of stock outs, divide the total value of the stock outs by the number of requests demanded. The resulting figure must then be multiplied by 100.
<h3>What is a stock out?</h3>
In business, a stock out refers to a condition where in a certain item or items are no longer available in stock.
The formula can be sated simply as:
Probability of Stock outs = (No of stock outs/ number of demand requests) x 100
Thus Number of Stock outs = Total probability of stock outs * total number of demand requests.
<h3>What is the formula for the Total Cost?</h3>
The formula for Total Cost is given as:
Total Fixed Cost + Total Variable Cost;
TC = TFC + TVC
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<u>Explanation</u>:
The establishment of the Abacus brought about one of the first counting device (calculator). This device was a mechanized computer that supported numeric calculations. However<u>, the process was entirely manual and mechanized. </u>This innovation led to;
First-generation of computers, although not entirely manually operated like Abacus, made use of vacuum tubes, were very big in size and could store only a small amount of information.
Second Generation of computers
unlike the first generation that uses vacuum tubes, this one came with new technology; the use of transistors. The computers were smaller in size than vacuum tubes.
Third Generation computers made use of IC (Integrated circuits) for the first time. Contained higher storage capacity and was more reliable than previous generations.
Fourth Generation computers became known as the personal computer generation. This generation brought the use of personal computers on a personal level as they use microprocessors, was easy to carry about, had larger storage capacity and faster speed of operations.
Fifth-generation of computers is known as the age of artificial intelligence. These computers were programmed with the ability to make decisions just like a human being would.
