Increased Utilization of JIT Inventory Systems, CAD, and CAM Over

question 43

True/False

Increased utilization of JIT inventory systems, CAD, and CAM over the past 15 years seems to have decreased pressures for firms to establish long-term relationships with suppliers, but increased the pressure to establish short-term ones.

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Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, most commonly of the mean.

Sample Proportion

The proportion of items in a sample that meet a specified condition, often used as an estimator of the population proportion.

Binomial Distribution

A probability distribution representing the number of successes in a fixed number of independent Bernoulli trials with the same success probability.

Probability of Success

The likelihood of achieving a desired outcome or result in an experiment or trial.