Examlex
If you've ever watched the television show ER, you should have noticed how the emergency room staff selects patients on the basis of their need for treatment. Victims who have life-threatening injuries are seen ahead of those with minor complaints like an ingrown toenail or a case of poison ivy. Emergency rooms differentiate their waiting customers on the basis of:
Customer Demand
The quantity of products or services that consumers are willing and able to purchase at various prices over a given period of time, influencing production and pricing strategies.
Consensus Forecast
A forecasting method involving the aggregation of predictions from various experts or models, aiming for a more accurate and reliable outcome by considering multiple perspectives.
Production Flexibility
Production flexibility is the ability of a manufacturing system to quickly adapt to changes in products, production volumes, and manufacturing processes.
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