An Inventory Management Strategy Where the Goal Is to Time

question 7

Multiple Choice

An inventory management strategy where the goal is to time the ordering of goods so they arrive just before when they are to be used,so as to reduce inventory holding costs is referred to as:

• A)BTI
• B)JIT
• C)ITB
• D)JITI

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Definitions:

Normal Curve

A symmetrical, bell-shaped curve that describes the distribution of many types of data; most scores fall near the mean (about 68 percent fall within one standard deviation of it) and fewer and fewer near the extremes. Also called a normal distribution.

Standardization

Defining uniform testing procedures and meaningful scores by comparison with the performance of a pretested group.

Independent Intelligences

A theory suggesting that intelligence is not a single ability but comprises multiple independent abilities.

Specific Mental Abilities

Distinct skills or capabilities involving cognitive functions, such as memory, reasoning, or problem-solving, that vary from person to person.