Final answer:
The term for the average elapsed time between stock replenishment is related to reorder lead time or supply chain lead time, critical in inventory management
Step-by-step explanation:
The term that describes the average elapsed time, in days, between the initiation and receipt of stock replenishment requisitions is commonly known in the field of Business and specifically in inventory management. This period is often critical in determining the efficiency of stock replenishment and inventory turnover.
Considering the provided references such as the average time being forty-five days cited by Willcocks, we can focus on the aspect of lead time and similar concepts.
Lead time typically encompasses the time taken from ordering a product until its delivery. However, given the context and example in question, this period is specifically reflecting the delay or timeframe for stock replenishment which may closely relate to reorder lead time or supply chain lead time.
A relevant mathematical concept used to model these time intervals is the exponential distribution, which applies to the random time between events in a Poisson process. Similarly, calculating the R/P ratio (Reserves to Production ratio) could also provide insights into the time scale of resource availability.
When applying these concepts to real-world business scenarios, one could expect a range of durations for these periods, potentially within orders of magnitude depending on the specific context of the business or industry in question.