Lean Production Is an Operating Philosophy or Mindset That Essentially

question 13

True/False

Lean production is an operating philosophy or mindset that essentially attempts to minimize the impact of system variability and flaws in forecasting through the use of high safety stock inventories.

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Definitions:

Lower Price

A pricing strategy involving setting a cost below the average market price to attract customers or gain market share.

Target-Return Pricing

A pricing method whereby the price is based on the amount of investment you have put into your business.

Profit Margin

A financial metric used to assess a firm's financial health by revealing the percentage of money earned as profit.

Premium Price

Pricing goods or services higher than the market average to reflect their perceived extra value or quality.