Risk Refers to the Chance That Some Unfavorable Event Will

question 42

True/False

Risk refers to the chance that some unfavorable event will occur, and a probability distribution is completely described by a listing of the likelihood of unfavorable events.

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Definitions:

MRP II

Manufacturing Resource Planning, an integrated method of operational and financial planning for manufacturing companies, expanding on Material Requirements Planning (MRP).

MRP

Material Requirements Planning, a system for calculating the materials and components needed to manufacture a product.

ERP

A kind of software known as Enterprise Resource Planning is employed by organizations to oversee routine business functions like accounting, procurement, project management, and manufacturing.

SCM

The administration of the process by which materials, information, and financial assets move from suppliers to producers, followed by wholesalers and retailers, and concluding with the consumer, is what constitutes Supply Chain Management.