The JIT Philosophy Inherently Attempts to Reduce Lead Times for Order

question 37

Multiple Choice

The JIT philosophy inherently attempts to reduce lead times for order completions. Under traditional purchasing practices, the lead time is made up of all the following components with one exception. Which one is the exception?

• A) paperwork lead time
• B) manufacturing time for supplier
• C) transportation lead time
• D) time spent on unpacking and storing
• E) time spent on receiving and inspection

Understand the foundational elements necessary for successful collaborative planning, forecasting, and replenishment (CPFR) in supply chains.

Understand the concept and disadvantages of vendor-managed inventory.

Comprehend the importance of forecasting in retail, specifically for high fashion, and the various approaches used.

Grasp the principles and benefits of Collaborative, Planning, Forecasting, and Replenishment (CPFR) in supply chains.

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Definitions:

Two-Tailed Test

A statistical hypothesis test in which the critical area for a distribution is two-sided and tests whether a sample is greater than or less than a certain range of values.

Sample Proportions

The fraction of items in a sample that are of a particular type.

Standard Error

A measure of the standard deviation of the sampling distribution of a statistic, often used in the estimation of confidence intervals.

Test Statistic

A numerical quantity calculated from a sample of data, used in statistical testing to make decisions about a population parameter.