The Theory of Constraints Accepts Existing System Bottlenecks and Works

question 13

True/False

The theory of constraints accepts existing system bottlenecks and works to maximize throughput given these constraints, while value stream mapping endeavors to understand how existing processes can be altered to eliminate bottlenecks and other wasteful activities.

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Definitions:

Escalation Of Commitment

A pattern where individuals continue to invest in a decision despite evidence of its ineffectiveness or mistakes.

Dollar Cost Averaging

An investment strategy where a fixed dollar amount of a particular investment is purchased on a regular schedule, regardless of the investment's price.

Framing Error

A cognitive bias where information is presented or perceived in a way that influences decision-making or judgment.

Stakeholder Audit

A systematic examination to identify all relevant stakeholders of an organization and analyze their interests and potential impact on the organization.