With Respect to the Various Tools Used in Lean Thinking

question 62

Multiple Choice

With respect to the various tools used in lean thinking, in the _____ system, upstream suppliers do not produce until the downstream customer signals a need for parts.

• A) pull production
• B) kaizen
• C) reduced handoff
• D) standardized work system

Understand the concept of a company as a portfolio of projects.

Recognize the application and importance of risk analysis techniques in capital budgeting, including Monte Carlo Simulation.

Appreciate the significance of incorporating risk into capital budgeting decisions.

Understand the concept and value of real options in capital budgeting.

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Definitions:

Behavioral Controls

Strategies or mechanisms put in place to guide or modify individual behavior.

Total Institution

A place of residence and work where a large number of like-situated individuals, cut off from the wider community, live in an enclosed formally administered round of life.

Maximum Security Institution

A highly secure prison designed to house the most dangerous offenders and prevent escapes.

Design Capacity

The maximum amount of work or throughput that a system, facility, or product was designed to handle effectively.