An Effective Performance Management System Consists of Four Steps That

question 20

True/False

An effective performance management system consists of four steps that form a feedback loop.

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Definitions:

Just-In-Time Processing

A production strategy that aims to reduce in-process inventory and associated carrying costs by producing goods only as they are needed in the production process.

Raw Materials

Basic substances in unprocessed or minimally processed states used as the input for manufacturing or production.

Quality Control System

A process or set of procedures intended to ensure that a manufactured product adheres to a defined set of quality criteria or meets the requirements of the customer or client.

JIT Cost Accounting

Just-In-Time Cost Accounting, a method focusing on reducing inventory costs by receiving goods only as they are needed in the production process.