The Concept That Aims to Minimise Stocks by Organizing a Supply

question 42

Multiple Choice

The concept that aims to minimise stocks by organizing a supply system which provides materials and components as they are required, is called which of the following?

• A)Six Sigma Manufacturing
• B)WCM (World Class Manufacturing)
• C)TQM (Total Quality Management)
• D)JIT ( Just in Time)

Understand the concept of the value chain and its analysis to improve efficiency and effectiveness in operations.

Understand the basic principles and terminologies of economics such as marginal cost, opportunity cost, and efficient markets.

Distinguish between microeconomics and macroeconomics, including their areas of study and questions they address.

Recognize the importance of economics in making informed citizenship decisions.

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Definitions:

Test Statistic

A value calculated from sample data during a hypothesis test, used to determine whether to reject the null hypothesis.

Statistically Significant

Describes a result that is unlikely to have occurred by chance alone, according to a predefined significance level.

Null Hypothesis

A hypothesis that states there is no effect or no difference, and it serves as the default assumption that is tested against the alternative hypothesis.

Personal Goals

Individual objectives or targets that a person aims to achieve, which can be related to various aspects of life, such as career, education, or personal development.