Just-In-Time Is a Business Model in Which the Suppliers Manage

question 18

True/False

Just-in-time is a business model in which the suppliers manage the manufacturer's inventory based on pre-established service levels.

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Definitions:

Probability

An indicator of how probable an event is to happen, represented by a numerical value ranging from 0 to 1.

Probability

The likelihood or chance that a particular event will happen, quantifiable as a value between zero (impossible) and one (certain).

Independent

Pertains to variables or events that are not influenced or affected by each other.

P(A ∪ B)

The likelihood that either event A or event B, or both, will happen.