Lean Production Is an Integrated Set of Activities Designed to Achieve

question 15

True/False

Lean production is an integrated set of activities designed to achieve high-volume production using minimal inventories of raw materials, work-in-process, and finished goods.

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Definitions:

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Direct Competition

A situation in which products that perform the same function compete against one another. Also called category competition or brand competition.

Primary Competition

Direct competitors offering similar products or services within the same market or industry, targeting the same customer base.

WTO

The World Trade Organization, an international body that regulates global trade rules among nations.