Which Is Not What Owner-Managers Should Do to Try to Ensure

question 10

Multiple Choice

Which is not what owner-managers should do to try to ensure long-term viability early in the life of the business?

• A) Need to understand the life cycle of the business
• B) Take specific steps in planning for growth of the business
• C) Ensure the location infrastructure is suitable for long-term needs of the business
• D) Be aware of some of the more common growth problems a business is likely to face

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Definitions:

Finished Products

Goods that have completed the manufacturing process and are ready for sale to customers.

Materials Handling

The movement, protection, storage, and control of materials and products throughout manufacturing, warehousing, distribution, consumption, and disposal.

Pull Systems

A method of inventory control in which production is based on customer demand rather than forecasted demand, thereby reducing waste in the system.

Inventory Levels

The quantities of goods and materials kept on hand by a business to meet demand, production, and operational needs, essential for effective inventory management.