Which of the Following Is a Difference Between Mediation and Arbitration

question 22

Multiple Choice

Which of the following is a difference between mediation and arbitration?

• A) Mediation is a nonbinding structured process, whereas arbitration is a binding process.
• B) Mediation is done in front of a panel, whereas arbitration is facilitated by an independent third party.
• C) Mediation is generally time-consuming, whereas arbitration takes significantly less time.
• D) Mediation is completely flexible, whereas arbitration is comparatively rigid.

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Definitions:

MRP Tables

Tables utilized in Material Requirements Planning that detail the schedule of components needed, their quantities, and the timing for manufacturing or assembly processes.

Bill of Material

A comprehensive list detailing all the raw materials, parts, components, and assemblies needed to produce one unit of a product.

Lot-For-Lot

A production and inventory control strategy that matches the order quantity exactly with the demand, without carrying any excess inventory.

Gross Requirements

The total amount of materials or components necessary to produce a product before accounting for any existing inventory.