The __________ Is Used by the Lean Control System to Compare

question 23

Short Answer

The __________ is used by the lean control system to compare operational, capacity, and financial metrics.

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Definitions:

Market Wage Rate

The prevailing rate of pay for a particular job in a specific market or geographical area.

Employ

To hire or use the services of someone or something for a particular purpose or job.

Profit-maximizing

The process by which a firm determines the price and output level that returns the maximum profit.

Labor

Labor is the effort that people contribute to the production of goods and services, measured in terms of time worked, skill level, and productivity.