Early Adopters of Lean Production in the U

question 66

True/False

Early adopters of lean production in the U.S.were unsuccessful because they tried to implement lean by slashing inventories and forcing their suppliers to make more frequent deliveries.

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Definitions:

Confirmation Bias

The inclination to seek out, comprehend, prefer, and remember information that validates one’s already held beliefs or theories.

Regret Aversion

A behavioral finance concept describing an individual's tendency to make decisions that minimize the potential for future regret.

Frame Dependence

A concept in behavioral finance where investors' decisions are influenced by the way information is presented to them, rather than just the information itself.

Self-Attribution Bias

This bias occurs when individuals attribute their successes to personal characteristics and skills but blame failures on external factors.