In the Sense Used in the Textbook, Which of the Following

question 18

Multiple Choice

In the sense used in the textbook, which of the following would be not classified as an innovation?

• A) the development of a unique wind-resistant glass for commercial and residential buildings
• B) implementing a method of marketing medical services to a new population
• C) the creation of a new database management system for an organization
• D) increasing the efficiency of a manufacturing plant by running two shifts of workers

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Definitions:

Standard Deviation

A statistical metric that quantifies the dispersion or spread of a dataset relative to its mean, indicating consistency or variability.

Echelon Inventory

The stock held across different stages of the supply chain, considering the inventory at all levels together.

Cycle Inventory

Cycle Inventory refers to the portion of inventory available in a warehouse or storage that is held to meet the regular sales demand.

Safety Inventory

Extra stock kept on hand to prevent stockouts and ensure product availability despite uncertainties in demand or supply lead times.