Manufacturers That Use Just-In-Time Manufacturing Systems Coordinate Closely with Suppliers

question 75

Multiple Choice

Manufacturers that use just-in-time manufacturing systems coordinate closely with suppliers to ensure that materials and supplies arrive just before they are needed in the manufacturing process. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts, this would represent a(n) ________ in a SWOT analysis.

• A)weakness
• B)opportunity
• C)threat
• D)strength
• E)metric

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Definitions:

Invisible Hand

The tendency of competition to cause individuals and firms to unintentionally but quite effectively promote the interests of society even when each individual or firm is only attempting to pursue its own interests.

Ultimatum Game

A game in experimental economics where a proposer offers how to split a sum of money with a responder, who can accept or reject the offer.

Dictator Game

A behavioral economics experiment that tests how individuals behave when they hold all the power over allocating resources.

Ultimatum Game

A game in economic experiments where one player proposes a division of resources, and the other can accept or reject it.