Good Relationships with Suppliers Are Important in Any Business,but Their

question 52

True/False

Good relationships with suppliers are important in any business,but their importance increases as business size increases.

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Definitions:

Little's Law

A mathematical principle in queueing theory stating that, in a stable system, the long-term average number of items in the system is equal to their long-term average arrival rate multiplied by their average time in the system.

Average Number

The central value of a set of numbers, calculated by dividing the sum of all numbers by the count of those numbers.

System

A set of interconnected components that work together to achieve a particular goal or perform a specific function.

Little's Law

A principle in queueing theory stating that, under steady state conditions, the long-term average number of customers in a stationary system is equal to the long-term average effective arrival rate multiplied by the average time a customer spends in the system.