Explain Why a Business Should Seek to Balance Its Economic,legal

question 27

Essay

Explain why a business should seek to balance its economic,legal and social obligations.

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Definitions:

Delivery Cycle Time

The period from when a customer order is received to when the finished product is shipped.

Throughput Time

Throughput Time is the total time taken to produce a product, from the start of production to its completion.

Manufacturing Cycle Efficiency

A measure of the efficiency of the production process, calculated as the ratio of value-added time to total cycle time.

Margin

The difference between the selling price of a product and its cost, typically expressed as a percentage of the selling price.