Which Term Listed Below Describes a System Where Companies Purchase

question 57

Multiple Choice

Which term listed below describes a system where companies purchase raw materials when needed in production and complete finished goods when needed by customers?

• A) Traditional production system
• B) Supply chain management
• C) Just-in-time inventory
• D) TQM

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Definitions:

Ethics Double-Check

A procedure to ensure decisions or actions comply with ethical standards or principles.

Decision-Making Process

A systematic approach involving identification, analysis, and choosing among alternative courses of action to resolve problems or achieve objectives.

Ethical Standards

Guidelines or principles that govern the conduct of individuals and organizations, ensuring behavior is moral and right.

Bounded Rationality

The concept that decision-making is limited by the information available, the cognitive limitations of individuals, and the finite amount of time available to make a decision.