The Eight Wastes of Traditional Operations Includes All of the Following

question 97

Multiple Choice

The eight wastes of traditional operations includes all of the following except

• A)defects.
• B)overproduction.
• C)waiting.
• D)utilizing people to their full potential.

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Definitions:

Inelastic Portion

Inelastic Portion refers to a segment of the demand curve where the price elasticity of demand is less than one, indicating consumers' demand is not highly sensitive to price changes.

Total Revenue

The gross revenue of a company, which is the sum of money obtained from selling products or services before deducting any costs.

Total Cost

The complete cost of production, combining both fixed and variable costs associated with the creation of a good or service.

Pure Monopoly

A unique market structure characterized by a single supplier dominating the entire market for a particular good or service, without any viable competition.