Examlex
If any employee senses that the process is producing defects or is about to go out of proper specification, He or she has the responsibility to stop the process. This is called jidoka.
Least-squares Regression
A statistical method used to determine the line of best fit by minimizing the sum of squares of the differences between observed values and the values predicted by the model.
Cost Formula
An equation used to predict the total costs associated with producing a given level of output.
Monthly Production Volume
The quantity of goods or products manufactured or produced in a factory or plant over the course of a month.
Fixed Manufacturing Cost
Expenses that do not change with the level of production, such as rent, salaries, and insurance, required to operate a manufacturing facility.
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