A System Used by Companies to Systematically Plan and Control

question 18

Multiple Choice

A system used by companies to systematically plan and control their logistics and product distribution activities through generating a time-phased inventory-replenishment plan to manage and minimize inventories in the supply chain is known as ______.

• A)DRP
• B)ERP
• C)MRP II
• D)CRP

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Definitions:

Third Party

An individual or group besides the two primarily involved in a transaction or legal matter, sometimes involved as an intermediary or independent party.

Transaction

An exchange or transfer of goods, services, or funds between two or more parties.

Deadweight Losses

Efficiency losses in an economy occurring when total societal welfare is not maximized, typically as a result of market distortions like taxes or subsidies.

Competitive Equilibrium

A state in a market where demand equals supply, meaning that there's no excess supply or demand at the current price.