Flexible Production Systems Typically Involve Using Information Technology to Share

question 73

True/False

Flexible production systems typically involve using information technology to share the details of customer orders,programmable equipment to fulfill orders,and skilled people to carry out whatever tasks are necessary to fill an order.They are less complicated and require less cooperation than mass production systems.

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Definitions:

Financial Break-Even

The point at which a project or company generates enough income to cover all its financial costs, including interest and principal repayments.

Discount Rate

The interest rate that the Federal Reserve charges banks for short-term loans, also used in discounted cash flow (DCF) analysis to determine the present value of future cash flows.

Project Initial Outlay

The initial investment amount required to start a project, typically including costs such as equipment, installation, and initial operating expenses.

Break-Even Quantity

The amount of product that must be sold to cover the costs of production, resulting in neither a profit nor a loss.