The Recession That Began in 2008 Challenged Global Companies to Cut

question 88

True/False

The recession that began in 2008 challenged global companies to cut costs while maintaining and expanding customer markets.

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Definitions:

Lead Time

In purchasing systems, the time between recognition of the need for an order and receiving it; in production systems, it is the order, wait, move, queue, setup, and run times for each component.

Inexpensive

Having a low cost or price; not expensive.

Mathematical Model

A representation of a system, process, or relationship using mathematical concepts and language, often used to analyze or predict behavior.

Operations

The activities involved in the day-to-day running of a business that relate to the production and delivery of goods and services.