MATCHING Complete the Following Using the Terms Listed

question 164

Multiple Choice

MATCHING
Complete the following using the terms listed.
-An inventory system that tries to keep inventory on hand to a minimum and seeks to eliminate all sources of waste is called a(n) _____ system.

• A)process layout
• B)LEED certification
• C)Gantt chart
• D)PERT chart
• E)Inventory control
• F)ISO
• G)critical path
• H)Computer-integrated manufacturing
• I)Utility
• J)perpetual inventory
• K)Materials requirement planning
• L)standardization
• M)Routing
• N)assembly line
• O)robot
• P)just-in-time
• Q)benchmarking
• R)synthetic production system
• S)make, buy, or lease decision

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Definitions:

Population Parameter

A population parameter is a numerical value that characterizes a certain aspect of a population, such as its mean or variance.

Expected Value

The long-term average value of a random variable, representing its mean outcome over an infinite number of trials.

Point Estimate

A single value that serves as the best guess or most likely value for a population parameter based on sample data.

Population Parameter

A numerical value that describes a characteristic of a population, such as mean, standard deviation, proportion, etc., usually estimated through samples.