Lean Supply Chain Management Focuses on Eliminating Waste

question 19

Multiple Choice

Lean supply chain management focuses on eliminating waste:

• A)in a firm's sourcing and logistics activities.
• B)within a firm's internal operations.
• C)in flows of information and money among supply chain partners.
• D)in all of the above areas.

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Definitions:

Auto Industry

The auto industry encompasses all companies and activities involved in the manufacture, marketing, and selling of motor vehicles, including parts manufacturers and the after-market for vehicle maintenance and repair.

Labor Demand

The overall quantity of workers whom employers are ready and able to employ at a specified pay rate within a given period.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, considering all other factors constant.

Purely Competitive

A market structure characterized by many buyers and sellers, none of whom can influence market prices, with free entry and exit from the market.