Which of the Following Defines Lean Methodologies

question 75

Multiple Choice

Which of the following defines lean methodologies?

• A) An approach to inventory that seeks to eliminate excess waste and reduce inventory to a minimal level.
• B) A computerized inventory control system that schedules the production of goods and takes into consideration the available and the required inventory.
• C) The active management of the distribution of materials throughout a system.
• D) A series of techniques designed to eliminate waste from manufacturing and service processes and provide greater customer value.
• E) A service approach that hopes to build a long-term and sustainable relationship with customers that has value for both the customer and the company.

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Definitions:

Marginal Revenue

It refers to the additional income earned from selling one more unit of a good or service.

Demand Schedule

A table that lists the quantity of a good or service that consumers are willing to buy at various prices.

Total Revenue Schedule

A table or graph that shows the total revenue a firm can expect to receive at various levels of output, assuming a constant price.

Demand Linear

A relationship in economics where the amount of a good or service demanded changes linearly with its price.