In This Stage of the Five Steps to Mastery, Experience

question 3

Multiple Choice

In this stage of the five steps to mastery, experience becomes critical. As real situation are encountered, performance improves and one is able to put into practice the stated facts and rules.

• A)Novice stage
• B)Over-achieving stage
• C)Advanced beginner stage
• D)Competent stage
• E)Proficient stage

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Definitions:

Vendor-managed Inventory

A supply chain strategy where the supplier assumes responsibility for managing inventory levels at the customer's premises.

Distribution Center

A warehouse or storage facility where products are stored and from which they are distributed to retailers or customers.

Stock

Shares representing ownership in a company or commodities or goods held in inventory by a business.

Just-in-time (JIT)

An inventory management strategy that arranges the receipt of resources and materials right at the moment they are needed, reducing storage costs.