Harriet Uses a Computer-Based Production Planning System by Which a Firm

question 92

Multiple Choice

Harriet uses a computer-based production planning system by which a firm can ensure that it has needed parts and materials available at the right time and place and in the correct amounts. Harriet uses:

• A) materials requirement planning.
• B) just-in-time inventory system.
• C) computer-aided manufacturing.
• D) vendor-managed inventory.

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Definitions:

Population Average

The mean value of a particular characteristic for the entire population being studied.

Standard Error

Describes a statistical measure that estimates the accuracy with which a sample represents a population.

Critical Value

A point on the scale of the test statistic beyond which we reject the null hypothesis; it's determined by the significance level.

Null Hypothesis

A statement suggesting that there is no significant difference or relationship between specified populations, any observed difference being due to sampling or experimental error.