A Computerized Inventory System That Simulates Needed Materials Requirements for the Finished

question 309

Multiple Choice

A computerized inventory system that simulates needed materials requirements for the finished product, and then compares production needs to available inventory balances to determine when orders should be placed is the ________.

• A) basic economic order quantity system
• B) materials requirement planning system
• C) just-in-time system
• D) red-line method

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Definitions:

Minimum Labor Standards

The baseline requirements set by legislation that determine minimum wage, working hours, safety, and other working conditions.

Productivity

The efficiency at which individuals, companies, or economies produce goods or services, often measured as output per unit of input.

Workers' Compensation Rates

The cost charged to employers for workers' compensation insurance, varying based on job risk levels and company safety records.

Medical and Insurance Costs

Expenses related to health care services, procedures, and health insurance premiums, which are a significant concern for individuals, families, and employers.