Given the Opportunities and Challenges Provided by the New Realities

question 2

Multiple Choice

Given the opportunities and challenges provided by the new realities of the marketplace,decision makers have to engage in ___________ to match markets with products.

• A)micromanagement
• B)management by walking around
• C)supply chain management
• D)just-in-time management
• E)strategic planning

---

Definitions:

Manufacturing Process

The sequence of operations or methods used to create a finished good from raw materials in a systematic and controlled manner.

Manufactured Product

A good that has undergone a transformation process from raw materials to a finished product ready for sale.

Factory Overhead Cost

The indirect costs associated with manufacturing, including utilities, rent, and salaries for support staff, that cannot be directly traced to a specific product.

Direct Materials Cost

The expense associated with raw materials that can be directly traced to the production of a specific good.