One of the Best Known Computerized Packages Available for Designing

question 26

Multiple Choice

One of the best known computerized packages available for designing process layouts is CRAFT.CRAFT stands for

• A)computerized relationship activity and flow technique.
• B)computerized relative allocation of facilities technique.
• C)computerized relative assembly and flow technology.
• D)computerized relationship assembly flow time.

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Definitions:

Decreasing-Cost Industry

An industry where input costs tend to fall as the industry as a whole expands its output.

LRAC Curve

The Long Run Average Cost curve shows the lowest possible average cost of production at different levels of output when all inputs are variable.

Entry

The act or process of entering into a market as a new supplier or producer, often facing barriers such as high startup costs or regulations.

Breaks Even

The point at which total costs and total revenue are equal, resulting in no net loss or gain.