Describe the Differences Between Primary and Secondary Enhancements

question 72

Essay

Describe the differences between primary and secondary enhancements. Provide examples of both types of enhancements. Discuss the benefits and caveats.

Understand the risks associated with implementing lean principles in manufacturing.

Understand the differences between lean and traditional manufacturing environments.

Identify the characteristics of push and pull manufacturing systems.

Recognize the visibility of problems in a lean environment.

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Definitions:

Short Run

A period during which at least one of a firm's inputs is fixed, limiting the firm's capacity to adjust to market changes.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full adjustment to changes in market conditions.

Lowest Price

The minimum price at which a product or service is available in the market.

Short Run

A period in economics where at least one factor of production is considered fixed, allowing only some variables, like output, to change.