One of the Greatest Benefits of JIT Would Be

question 101

Multiple Choice

One of the greatest benefits of JIT would be

• A) increasing waste and improving responsiveness
• B) longer lead times and increased productivity
• C) decreased machine utilization and improved quality
• D) competing based on schedules
• E) eliminating waste, improving responsiveness and competing based on time

Understand the concepts of standard costing and its application in managerial decision-making.

Recognize the significance of management by exception in performance management.

Understand the methods for setting standards in cost accounting.

Distinguish between attainable and perfection standards and their impact on operational efficiency.

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Definitions:

Financial Markets

are platforms that facilitate the buying, selling, and trading of financial securities, commodities, and other fungible items of value to investors and traders.

Germany

Germany is a country in Central Europe, known for its rich history, cultural heritage, and as a major economic and political power.

Code-Law Countries

Nations that follow a systematic collection of laws and legal principles, typically codified, guiding legal processes and judicial decisions.

Common-Law Countries

Countries that follow a legal system originating in England, characterized by the doctrine of precedent, under which the outcomes of legal proceedings can be influenced by previous court decisions.