The Main Objective of Lean Manufacturing Is To

question 62

Multiple Choice

The main objective of lean manufacturing is to:

• A) Keep labor costs as low as possible by expanding the use of other resources.
• B) Produce products that have fewer frills and options in order to simplify the production process and keep costs as low as possible.
• C) Produce goods using less of all types of resources.

Understand the purpose and content of a marketing plan and strategy.

Grasp the concept and use of Gantt charts in marketing project management.

Learn about the implementation phase in the strategic marketing process and its activities.

Understand how marketing departments are typically structured in firms.

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Definitions:

Appraised Value

The estimated value of a property, as determined by a qualified professional appraiser.

Property Taxes

Taxes levied by local governments based on the value of property owned, such as land and buildings.

Compound Annual Rate

The rate of return that would be required for an investment to grow from its beginning balance to its ending one, compounding over a period of a year.

Compounded Annually

Describes the calculation of interest on an investment whereby the interest earned each year is added to the principal sum, leading to interest being earned on interest from the subsequent year onwards.