________ Is Studying and Learning from a Company Outside of Your

question 67

Short Answer

________ is studying and learning from a company outside of your industry that has a particular skill that is potentially critical to the company's operation.

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Definitions:

Average Flow Time

The average time that it takes for a unit to move through a specific process or system, from start to finish.

Economic Order Quantity

A formula used to determine the optimal order size that minimizes the sum of ordering, holding, and stockout costs.

Optimal Batch Size

The most efficient quantity of items to produce in a single batch, minimizing the total costs associated with setup, holding, and production.

Freshness

The quality of being recently made or obtained, which is especially important in the context of perishable goods.