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Supply Chain Glossary - P

Supply Chain Glossary - P

private ownership

A form of business ownership in which the business is either owned by a single person (i.e., proprietorship) or organized under law as a separate legal entity but in which the company stock is not publicly traded. See: partnership, public ownership.

probabilistic demand models Statistical procedures that represent the uncertainty of demand by a set of possible outcomes (i.e., a probability distribution) and that suggest inventory management strategies under probabilistic demands.

Mathematically, a number between 0 and 1 that estimates the fraction of experiments (if the same experiment were being repeated many times) in which a particular result would occur. This number can be either subjective or based upon the empirical results of experimentation. It can also be derived for a process to give the probable outcome of experimentation.

A table of numbers or a mathematical expression that indicates the frequency with which each of all possible results of an experiment should occur.

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