Reducing Service Time Variability Is Another Lever to Push in the Actual

question 25

Multiple Choice

Reducing service time variability is another lever to push in the actual reduction of wait times. This can be accomplished by

• A) employee training
• B) line balancing
• C) cellular manufacturing
• D) all of the above

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Definitions:

Optimal Factor Choice

A decision-making process in which a firm determines the most efficient combination of factors of production (labor, capital, etc.) to maximize output or minimize costs.

Weak Axiom of Cost Minimization (WACM)

An economic principle stating that if a set of goods is chosen over another set at the same prices, then the chosen set should not cost more than the other when prices change.

Input Bundle

A combination of resources or inputs used in the production of goods and services.

Unit Costs

The cost incurred by a company to produce, store, and sell one unit of a particular product or service.