Which of the Following Defines the Goal of Lean

question 1

Multiple Choice

Which of the following defines the goal of Lean?

• A) Elimination of defects
• B) Reduction of process variability
• C) Determine conformance with customer requirements
• D) Remove non-value-added activities

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Definitions:

Equilibrium Price

The market price at which the supply of an item equals the quantity demanded.

Equilibrium Quantity

The volume of goods or services that are both presented and required at the price where supply meets demand in a market.

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing to purchase at a given price.

Demand Curve

A chart that illustrates how the quantity of a product demanded is related to its price.