In a Supply Chain with Lean Thinking, Firms Are Less

question 20

True/False

In a supply chain with lean thinking, firms are less dependent on their suppliers.

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Definitions:

Physical Inventory

The process of counting the actual inventory on hand at the end of an accounting period, usually for verification purposes.

Inventory System

A system for tracking inventory levels, orders, sales, and deliveries, which can be manual or technologically driven, helping businesses manage their stock efficiently.

Cost Of Goods Sold

The total cost associated with making or buying products that a company has sold during a specific period.

Gross Profit

The financial gain achieved after deducting the cost of goods sold from total sales revenue, not including other operating expenses, interest, or taxes.