Which of the Following Defines Logistics

question 95

Multiple Choice

Which of the following defines logistics?

• 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:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs.

Wage Rate

It refers to the amount of compensation an employee receives in exchange for their labor per unit of time, often expressed per hour, day, or piece worked.

Total Cost

The sum of all expenses incurred by a business in the production of goods or services, including both fixed and variable costs.

Purely Competitive Conditions

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product.