What Is the Term That Describes the Optimal Number Units

question 98

Multiple Choice

What is the term that describes the optimal number units to order or produce to achieve the optimal trade-off between setup (or order) costs and carrying costs?

• A)total quality management.
• B)flexible manufacturing practices.
• C)just-in-time inventory.
• D)the economic order quantity.

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Definitions:

Strategic Management Process

A comprehensive approach to planning, executing, monitoring, and adapting strategies that guide an organization in maintaining competitive advantage.

Strategy

A comprehensive plan guiding resource allocation to achieve long-term organization goals.

Lack of Participation Error

A situation in decision-making processes where not all relevant parties are included, which can lead to suboptimal outcomes and reduced acceptance of decisions.

Strategic Planning

The process of defining an organization's strategy and making decisions on allocating its resources to pursue this strategy.