Delegation Is the Process of Entrusting Work to Others in the Organization

question 32

True/False

Delegation is the process of entrusting work to others in the organization by giving them the right to make decisions and take action.

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Definitions:

Continuous Review

A system of inventory management where the stock levels are continuously monitored, and orders are placed as soon as the inventory drops below a predetermined level.

Reorder Point (ROP)

The inventory level at which an order should be placed to replenish stock before it runs out, ensuring a balance between stock availability and minimal holding costs.

Lot Size

The quantity of items processed or procured in a single order or batch, affecting inventory levels and production efficiency.

Periodic Review

A systematic evaluation of a process or system at regular intervals to ensure it meets certain standards or goals.