Just-In-Time Production System Comprises a Single Database That Collects Data

question 79

True/False

Just-in-time production system comprises a single database that collects data and feeds it into software applications supporting all of a company's business activities.

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Definitions:

Accounting System

A systematic process of recording, summarizing, and analyzing financial transactions of a business to provide accurate financial information.

Tactical Decisions

Short-term decisions made within the framework of a company's strategic plans, often involving the allocation of resources or adjustment of operations.

Sunk Costs

Costs that have already been incurred and cannot be recovered or altered by future actions or decisions.

Opportunity Cost

Opportunity cost represents the benefit that is missed or given up when choosing one option over another, an important concept in decision-making.