Please Define the Following Key Terms

question 84

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Socrates

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Definitions:

Production Flexibility

Refers to a company's ability to quickly adjust its production levels and processes to accommodate changes in market demand or to exploit new market opportunities.

Exponential Smoothing

A technique used in time series data to smooth out fluctuations and predict future values.

Demand Management

The process of forecasting, planning, and controlling demand for products and services to meet business needs.

Operations Planning Process

Involves the strategic and tactical steps taken by a business to forecast demand, match supply with demand efficiently, and manage resources to carry out its operations.