Henry Can Make a Bird House in 3 Hours and He

question 158

True/False

Henry can make a bird house in 3 hours and he can make a bird feeder in 1 hour. The opportunity cost to Henry of making a bird house is 1/3 bird feeder.

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Definitions:

On-time Availability

The state or characteristic of being ready for use or accessible exactly when needed or promised.

Efficiency

The ability to achieve a desired result or perform a task with the least amount of wasted time, effort, or resources.

Value Chain

A series of activities that companies perform to bring a product or service from conception to the marketplace.

Six Sigma

A quality standard of 3.4 defects or fewer per million products or service deliveries.