Which Two of the Following Areas Does Lean/just-In-Time Production Focus

question 39

Multiple Choice

Which two of the following areas does lean/just-in-time production focus its attention on?
I.Cost
II.Quality
III.Variance
IV.Waste

• A)I and III
• B)II and IV
• C)I and II
• D)III and IV

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Definitions:

Invoice Cost

The price for goods or services stated on an invoice, incorporating the cost of production or acquisition, but excluding additional expenses like shipping or taxes.

Cost Of Goods Sold

The direct costs attributable to the production of goods sold by a company, including materials and labor, used to determine gross profit.

Budgetary Slack

The practice of underestimating revenues or overestimating expenses when preparing a budget to create a cushion for unexpected situations.

Sales Activity

Sales activity encompasses tasks and processes undertaken to sell products or services to customers, including prospecting, presentations, negotiations, and closures.