________ Refers to a Series of Functional Activities Needed to Transform

question 44

Multiple Choice

________ refers to a series of functional activities needed to transform inputs into valuable finished goods or services.

• A)Competitive advantage
• B)Total quality management
• C)Facilities layout
• D)Value chain
• E)Customer relationship management

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Definitions:

Bounded Rationality

A concept that individuals make decisions based on the limited information available to them and within the constraints of their mental capacity.

Lateral Thinking Techniques

Problem-solving methods used to encourage creative thinking and come up with innovative solutions.

Evidence-Based Management

The practice of making managerial decisions based on the best available evidence from multiple sources, including scientific research, organizational data, and professional experience.

Dictionary Rule

A principle or protocol based on standardized definitions found in dictionaries, often applied in linguistic or legal contexts.