Which of the Following Defines a Just-In-Time Program

question 71

Multiple Choice

Which of the following defines a just-in-time program?

• 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) A series of techniques designed to eliminate waste from manufacturing and service processes and provide greater customer value.
• D) The active management of the distribution of materials throughout a system.
• 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:

Specialization and Trade

An economic concept where individuals or entities focus on the production of specific goods or services to trade for other goods or services, enhancing efficiency and productivity.

Efficient Scale

The level of production at which a firm achieves the lowest long-run average cost, with all inputs utilized most effectively.

Surplus

A situation where the quantity supplied of a good or service exceeds the quantity demanded at the current price, often leading to a decrease in prices.

Balance of Trade

The difference in value between a country's imports and exports over a certain period.