In Lean Operations, When Work Is Completed at One Work

question 104

True/False

In lean operations, when work is completed at one work center, it is important to immediately move the completed work to the next work center to minimize idle time.

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Definitions:

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs, assuming all resources are fully and efficiently utilized.

Input Price Ratio

The ratio of the prices of the inputs used in the production of goods or services.

Absolute Advantage

A condition in which a country, individual, or company can produce a good or service at a lower cost per unit than competitors can.

Comparative Advantage

The ability of a country, individual, or company to produce a good or service at a lower opportunity cost compared to others.