Mass Customization Requires Flexible Manufacturing Techniques and _________

question 63

Multiple Choice

Mass customization requires flexible manufacturing techniques and _________.

• A) managerial flexibility
• B) continual dialogue with customers
• C) a strong Internet presence
• D) a reputation for high quality products
• E) a sustainable competitive advantage

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Definitions:

Posterior Probabilities

Probabilities that are updated or revised after taking into account new evidence or information.

Bayes' Theorem

A mathematical formula that describes how to update the probabilities of hypotheses when given evidence.

Multiplication Law

A probability rule that determines the likelihood of two independent events occurring together by multiplying their individual probabilities.

Chebyshev's Theorem

A statistical theorem stating that for any set of data, the proportion of results that fall within k standard deviations from the mean is at least 1-1/k^2 for k>1.