Which of the Following Statements Is True of Just-In-Time Management

question 52

Multiple Choice

Which of the following statements is true of just-in-time management systems?

• A)It involves ordering raw materials in large quantities to obtain volume discounts.
• B)It triggers production after the customer places an order.
• C)Its successful implementation is independent of vendor relationships.
• D)It contracts with suppliers to deliver large quantities of goods once a year.

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Definitions:

Carrying Costs

Expenses related to holding inventory, including storage costs, insurance, and loss due to obsolescence.

Market Share

The proportion of the entire sales volume in a market that is held by a specific brand, product, or company.

Pricing Objective

Goals that a company wants to achieve through the pricing of its products or services, such as maximizing profit, increasing market share, or discouraging competition.

Product Managers

Individuals responsible for the strategy, roadmap, and feature definition for a product or product line, and for overseeing its development, launch, and ongoing improvement.