By Being More Realistic About the Services They Can Provide

question 16

Multiple Choice

By being more realistic about the services they can provide and by managing customer expectations effectively, firms can reduce the:

• A)zone of tolerance.
• B)knowledge gap.
• C)standards gap.
• D)delivery gap.
• E)communication gap.

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Definitions:

Efficient Frontier

In finance, a set of optimal portfolios that offer the highest expected return for a given level of risk or the lowest risk for a given level of expected return.

Responsiveness

The ability of an organization or system to quickly react to changes or needs within its environment or among its stakeholders.

Supply Chain

The network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, and eventually to the end user.

Replenishment Lead Time

The interval between the placement of an order and its delivery, significant in inventory management and planning.