The Ultimate Goal of Just-In-Time (JIT) Inventory Control Is to Eventually

question 90

True/False

The ultimate goal of just-in-time (JIT) inventory control is to eventually eliminate all inventories except material in production and in transit.

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Definitions:

Simple Linear Regression

A statistical method that models the relationship between a dependent variable and one independent variable by fitting a linear equation to the observed data.

Response Variable

The variable in a study or experiment that is assumed to depend on or be affected by changes in another variable (often called the independent variable).

Explanatory Variable

A variable in a statistical model that is believed to cause or explain changes in the response variable.

SST

Total sum of squares; a term used in statistics to describe the total variance in a dataset.