Streamlining of Business Processes to Increase Margin Is Key to Obtaining

question 13

True/False

Streamlining of business processes to increase margin is key to obtaining competitive advantage.

Understand the effects of lean manufacturing on inventory management.

Grasp the concept and implications of lean manufacturing on employee roles and expertise.

Know the accounting entries specific to a lean environment.

Understand the use of nonfinancial measures in lean manufacturing.

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Definitions:

Years

A unit of time equivalent to 365 days, or 366 in a leap year, used as a standard time period for assessing annual phenomena.

Rate of Interest

The percentage of a sum of money charged for its use by a lender to a borrower for a particular period, key to understanding loan costs and investment returns.

Earned

A term referring to income or profits that have been generated as a result of business activities or investments.