A Service Level of 95% Means There Is a 0

question 61

Multiple Choice

A service level of 95% means there is a 0.95 probability

• A)of a stockout.
• B)that supply will exceed demand.
• C)that demand will be met during the lead time.
• D)None of these answer choices is correct.

Understand the concepts of diversity and innovation in enhancing problem-solving within organizations.

Recognize the role and definition of small businesses in the global market.

Identify the advantages small businesses have over large businesses, such as flexibility, higher profit margins, and competitive advantages.

Comprehend the concept of economies of scale.

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Definitions:

Hypothalamus

A region of the brain that regulates bodily functions such as temperature, hunger, and thirst, and is involved in controlling the pituitary gland.

Regulated

Controlled or governed according to rules or principles, often to maintain order or achieve a desired outcome.

Master Gland

Often referred to the pituitary gland, it regulates crucial body functions and other endocrine glands.

Pituitary Gland

A pea-sized gland located at the base of the brain, crucial for regulating vital body functions and general wellbeing through hormone secretion.