Lean Manufacturing Is a Productive System Whose Focus Is on Optimizing

question 85

True/False

Lean manufacturing is a productive system whose focus is on optimizing processes through the philosophy of continual improvement.

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Definitions:

Consideration

The value (such as money, services, or goods) exchanged between parties in a contract, making the agreement legally binding.

Apparent Authority

The impression given by a principal to a third party that an agent has the authority to act on the principal’s behalf.

Agency Relationship

A legal relationship wherein one party, the agent, is authorized to act on behalf of another party, the principal, in business transactions.

Consideration

In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement, making the contract legally binding.