Match the Term with Its Definition

question 109

Multiple Choice

Match the term with its definition. Some terms may not be used.
-A system of classifying items in inventory by relative value

• A)ABC method
• B)Associative forecasting
• C)Cooperative purchasing organization
• D)Cycle counting
• E)Demand management strategies
• F)Economic order quantity
• G)Just-in-time inventory system
• H)Perpetual inventory system
• I)Physical inventory system
• J)Poka-yoke
• K)Statistical inventory control
• L)Two-bin inventory system

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Definitions:

Net Benefit

Net benefit refers to the total positive effects or advantages of a decision or action, minus any costs or negative effects associated with it.

Creative Destruction

A process where new innovations cause the demise of older industries or technologies, leading to economic growth and development.

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Automobile Production

is the series of processes involved in manufacturing automobiles, including assembly, painting, and quality control, among others.