A Flexible Manufacturing System Is

question 115

Multiple Choice

A flexible manufacturing system is:

• A) based on the use of temporary and part-time employees as well as outsourcing.
• B) a computer-controlled process that is used to produce a variety of products in moderate, flexible quantities with a minimum of manual intervention.
• C) based on a 360-degree view of the company's relationships with customers.
• D) a system that identifies "the one best way" to produce each product in the company's line.

Recognize the importance of continuous evaluation and adaptation of human resource strategies in response to changing internal and external factors.

Understand the impacts of economic forces on organizational strategies and operations.

Acknowledge the diverse workforce characteristics of different generations and their implications for human resource management.

Understand the basics of product cost calculation including direct materials, direct labor, and overhead costs.

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Definitions:

Supply Curves

Graphical representations that show the relationship between the price of a good and the quantity of the good supplied.

Perfectly Elastic

Describes a situation in which the quantity demanded or supplied responds infinitely at a particular price level but is zero at any other price level.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full adjustment to changes.

Consumer Demand

The desire and willingness of consumers to purchase goods and services at given prices, which can fluctuate based on a variety of factors including income and preferences.