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Value-added and non-value-added activities
Explain the distinction between value-added and non-value added activities.Provide an example of each.
Transportation Problem
A type of optimization problem in operations research that involves finding the most cost-effective way to distribute products from several suppliers to multiple consumers.
Supply
The total amount of a product or service available for purchase at any given time.
Demand
The desire and ability of consumers to purchase goods or services at a given price.
Optimal Solution
The most efficient, cost-effective, or productive solution to a problem, typically identified through the use of mathematical models and analysis.
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