Briefly Describe Competitive Advantage

question 139

Essay

Briefly describe competitive advantage.

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Definitions:

Cycle Time

The time period required to complete one cycle of an operation or to produce a unit of product, often used as a measure of efficiency in manufacturing and business processes.

Productivity

The efficiency at which individuals, businesses, or systems produce goods or provide services, often measured by output per unit of input.

Bullwhip Effect

A phenomenon in supply chain management when small fluctuations in demand at the retail level cause progressively larger fluctuations in demand at the wholesale, distributor, and manufacturer levels.

VMI

Vendor Managed Inventory, a business model where the supplier assumes the responsibility of managing their customer's inventory levels.