Economies That Arise from Performing a Value Creation Activity in the Optimal

question 76

Multiple Choice

Economies that arise from performing a value creation activity in the optimal place for that activity are referred to as

• A) factor economies.
• B) production economies.
• C) location economies.
• D) value creation economies.

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Definitions:

Employee Involvement

A business management practice that encourages employees to contribute ideas and solutions, enhancing decision-making and productivity.

Standardized Work

The practice of setting uniform procedures and processes for tasks to improve efficiency, quality, and predictability in production or service delivery.

Big Picture

The big picture refers to the overall perspective or comprehensive understanding of a situation, considering all factors, implications, and relationships, rather than focusing on details.

Working Conditions

Refers to the environment in which an employee works, including factors such as safety, hours, and physical demands.