What Is the Key Difference Between the MRP and JIT

question 8

Multiple Choice

What is the key difference between the MRP and JIT inventory management approaches?

• A)Only JIT reduces costs and improves efficiency.
• B)MRP is especially useful for products such as fashion apparel.
• C)JIT is more effectively used with products that have predictable patterns of demand.
• D)MRP schedules production to meet estimated sales needs;JIT schedules production to meet customer demands.

Understand the effects of global warming and climate change on ecosystems, human health, and society.

Familiarize with current and potential future trends in global climate patterns.

Identify human and natural activities that influence climate change and their implications.

Understand the scientific consensus and the importance of acting on climate change predictions.

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Definitions:

Profit Maximization

The process by which a company determines the price and output level that generates the maximum profit.

Production Function

A formula that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs.

Cost Per Unit

The cost incurred in the production of one unit of a product, including material, labor, and overhead costs.

Marginal Product

The extra output generated by increasing the use of a variable input by one unit, while keeping all other inputs unchanged.