JIT Responds to the Problems Traditionally Solved by Carrying Inventories

question 73

Multiple Choice

JIT responds to the problems traditionally solved by carrying inventories by

• A) ensuring that sufficient inventory is on hand to prevent stockouts.
• B) purchasing extra materials when price discounts are offered.
• C) negotiating long-term contracts with supplier to lock in low prices.
• D) selecting an inventory level that minimizes the total of ordering and carrying costs.
• E) choosing a wide number of suppliers to increase the chance of receiving quantity discounts.

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Definitions:

Operations Of Probability

Mathematical functions applied to the set of outcomes of a random phenomenon.

Six-Sided Die

A cube-shaped object with each of its six faces displaying a different number of dots from one to six, used in games to generate random numbers.

White Pawn

A piece in the game of chess representing infantry, known for its initial double move option and en passant capture rule.

Chess Set

A collection of game pieces and a board used to play chess, a strategic board game.