In a Manufacturing Company,the "Just-In-Time" Concept of Inventory Management Is

question 12

Multiple Choice

In a manufacturing company,the "just-in-time" concept of inventory management is best illustrated by:

• A)Receiving deliveries of materials from suppliers just before the materials are used in the production process.
• B)Completing the manufacturing process just before the deadline established by the customer.
• C)An automated factory that reduces production time below that of other companies in the industry.
• D)Selling finished products before they go out of style.

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Definitions:

Discrete Random Variables

Variables in statistics that can take on a countable number of distinct values and are not continuous.

Simple Random Sample

A subset of individuals chosen from a larger set such that every individual has an equal chance of being selected.

Sample Proportion

The fraction of observations in a sample that belong to a certain category, serving as an estimate of the proportion in the population.

Bias

A systematic error or deviation from the truth in results or inferences.