Research and Development (R&D), Production, and Customer Service Are Business

question 51

Multiple Choice

Research and development (R&D) , production, and customer service are business functions that are all included as part of:

• A) the value chain.
• B) benchmarking.
• C) marketing.
• D) the supply chain.

Analyze how total utility is achieved through the consumption of goods and services.

Apply the concept of utility maximization to diverse goods to determine consumer choice.

Solve problems related to optimal consumption bundles under budget constraints.

Explain the paradox of value associated with utility and market prices.

---

Definitions:

Projected On-Hand Inventory

An estimate of the amount of stock that will be physically available in inventory at any given time, factoring in current stock levels, incoming supply, and outgoing orders.

MRP Logic

The set of principles and calculations used in Material Requirements Planning, aimed at ensuring the right materials are available for production at the right time.

Lot-For-Lot

An inventory management ordering policy where the order quantity is made exactly equal to the demand for the upcoming period.

Economical

Characterized by efficiency and avoidance of waste, in terms of both cost and resources.