_____ Seeks to Improve Forecast Accuracy,optimize Production Scheduling,reduce Working Capital

question 24

Multiple Choice

_____ seeks to improve forecast accuracy,optimize production scheduling,reduce working capital costs,shorten cycle times,cut transportation costs,and improve customer service;while _____ helps obtain materials and manage physical flows from suppliers through downstream distribution to ensure that customers receive the right products at the right location,time,and cost.

• A)​RFID….GPS
• B)​Execution software….planning software
• C)​Customer service….inbound transportation
• D)​The process approach….cost management
• E)​Planning software….execution software

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Definitions:

Probability Distribution

A probability distribution describes how probabilities are distributed over the values of a random variable.

Reservation Price

The maximum or minimum price at which a person is willing to buy or sell a good or service.

English Auction

A bidding process where participants openly bid against each other, and the item is sold to the highest bidder.

Willingness To Pay

The maximum amount an individual or organization is prepared to spend to acquire a good, service, or avoid something undesirable.