Lean Production Systems Operate with Lower Amounts of Inventory,so Emphasis

question 78

True/False

Lean production systems operate with lower amounts of inventory,so emphasis is placed on anticipating when problems might occur before they arise.

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Definitions:

Contract Price

Contract price is the total financial cost agreed upon by all parties for the execution of the terms of a contract.

Usable Barn

A structure that is in a suitable condition for storage or housing of agricultural equipment, livestock, or farm produce.

Condition Precedent

A contractual clause requiring certain conditions to be fulfilled before a contract becomes effective or an obligation is to be performed.

Condition Concurrent

In contracts, conditions that are to happen or be performed at the same time by both parties involved in the agreement.