Changeover Flexibility Refers to the Ability of a Company to Change

question 61

True/False

Changeover flexibility refers to the ability of a company to change production quickly from one product to another with a minimal downtime in production.

---

Definitions:

Abstractions

The process of extracting the underlying essence or general principles of a concept, situation, or phenomenon, often by neglecting concrete details.

Physical Sciences

Branches of science that study inanimate natural objects, including astronomy, chemistry, physics, and earth sciences.

Other-Things-Constant Assumption

The assumption, when focusing on the relation among key economic variables, that other variables remain unchanged; in Latin, ceteris paribus.

Rational Self-Interest

Each individual tries to maximize the expected benefit achieved with a given cost or to minimize the expected cost of achieving a given benefit.