Cash is one of the most important assets on a company’s balance sheet. Yet holding too much cash can reduce investment returns, while holding too little cash can create liquidity problems and force a company to borrow at unfavorable rates. The Miller-Orr Model is a classic cash-management technique designed to help businesses determine when they should buy or sell short-term securities in response to unpredictable fluctuations in cash balances. This article explains the Mille