Define the Following Terms

question 77

Short Answer

Define the following terms
-univariate statistics

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Definitions:

Make to Order

is a manufacturing process in which production starts only after a customer's order is received.

Lead Times

The amount of time that passes from the initiation of a process to its completion.

Value-Added

The increase in worth of a product or service as a result of a particular process.

Lean Philosophy

A management approach focusing on minimizing waste and maximizing value in processes by considering customer value as the primary goal.