JIT or Lean Can Be Used In

question 62

Multiple Choice

JIT or Lean can be used in:

• A)repetitive production.
• B)job shop production.
• C)many service industries.
• D)All of these settings are appropriate for JIT/Lean.

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Definitions:

Willingness To Pay

The maximum amount an individual is prepared to sacrifice to procure a good or service or to avoid something undesirable.

Expected Revenue

Expected revenue is the amount of money a business anticipates earning over a specified period, often based on historical data and future projections.

Probability Distribution

A mathematical function that gives the probabilities of occurrence of different possible outcomes for an experiment.

English Auction

A type of auction where bidders publicly submit higher and higher bids, with the highest bidder winning the item.