MATCHING Complete the Following Using the Terms Listed

question 68

Multiple Choice

MATCHING
Complete the following using the terms listed.
-Firms create _____, or want-satisfying power, by converting raw materials and other inputs into finished goods and services.

• A)process layout
• B)LEED certification
• C)Gantt chart
• D)PERT chart
• E)Inventory control
• F)ISO
• G)critical path
• H)Computer-integrated manufacturing
• I)Utility
• J)perpetual inventory
• K)Materials requirement planning
• L)standardization
• M)Routing
• N)assembly line
• O)robot
• P)just-in-time
• Q)benchmarking
• R)synthetic production system
• S)make, buy, or lease decision

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Definitions:

Computer Models

Digital simulations created using software to represent real-world scenarios or systems for analysis, prediction, and decision-making purposes.

Forecasting Realities

The process of making predictions based on data and recognizing the limitations and uncertainties associated with future events.

Market Demands

The total amount of a product or service that consumers are willing and able to purchase at a given price.

Strength Relationship

The degree to which two variables are related or associated with each other, often used in the context of correlation analysis.