Process Innovation Can Be Depicted as

question 3

Multiple Choice

Process innovation can be depicted as

• A) an upward shift in a firm's total product curve.
• B) an upward shift in a firm's marginal cost curve.
• C) a downward shift in a firm's marginal revenue curve.
• D) an increase in product demand.

---

Definitions:

Cycle Counting

An approach to stock audit where a limited selection of the inventory at a defined site is enumerated on a chosen date.

Service Level

A measure of the performance of a service system, often defined in terms of responsiveness to customer needs and reliability.

Ordering Costs

The expenses associated with the process of requisitioning, purchasing, and receiving goods and services; includes costs of paperwork, communication, and inspections.

Maintaining Inventory

Activities and strategies involved in keeping an appropriate level of stock to meet demand without incurring excessive holding costs or stockouts.