The JIT Solution

question 112

Multiple Choice

The JIT solution

• A)requires carrying materials inventory in order to lower the cost of inventory without production delays.
• B)requires selection of vendors based on lowest cost alone.
• C)exploits supplier linkages by negotiating long-term contracts with a few chosen suppliers located closest to the production facility and establishing more supplier involvement.
• D)requires a solid forecast to push production.

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Definitions:

Poisson Probability

A distribution showing the probability of a given number of events happening in a fixed interval of time or space.

Distribution

The way in which data points are spread out or distributed across various values.

Discrete

Refers to a type of quantitative variable that can assume a countable number of distinct values, often representing categories or counts.

Random Variable

A random phenomenon's numerical outcomes manifested in a variable.