Just-In-Time (JIT)inventory Focuses on Efficient and Effective Supply to Customers

question 72

Multiple Choice

Just-in-time (JIT) inventory focuses on efficient and effective supply to customers. This is very similar to the concept of:

• A)capacity management.
• B)off-peak pricing.
• C)idle production capacity.
• D)gap analysis.

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Definitions:

Exact Simple Interest

A calculation method where interest is determined using the actual number of days in a loan period over a 360 or 365-day year, depending on the terms.

365-Day Year

The 365-Day Year is a time measurement convention considering a year to have exactly 365 days, ignoring leap years.

Ordinary Simple Interest Rate

The standard rate at which interest is calculated on a loan or investment, based on the original principal amount only.

360-Day Year

A simplified method of calculating interest using a 360-day year instead of 365 days, commonly used in banking.