In Implementing a Lean Production System You Should Work with Suppliers

question 18

Multiple Choice

In implementing a lean production system you should work with suppliers to do which of the following?

• A) Calculate lead times.
• B) Use quality circles.
• C) Freeze windows.
• D) Make frequent deliveries.
• E) Achieve bottom-round management.

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Definitions:

Higher Prices

A scenario where the cost of goods or services rises, which can be due to increased demand, reduced supply, or inflation.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding the opportunity costs.

Exit Of Firms

The process when businesses stop operations and leave a market, often due to unprofitability or strategic realignment.

Market Entry

The process or strategy by which a company enters a new market, facing and overcoming barriers to entry.