What is the Lean perspective on inventory?
What will be an ideal response?
Answer: The lean philosophy places a strong emphasis on reducing raw materials, work in process, and finished goods inventory throughout the system. This is not only because inventory is seen as a form of waste in and of itself, but also because inventory can cover up wasteful business practices. Lowering inventory levels forces firms to address these poor practices.
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The model designed to enable a company to market a standardized product in the global marketplace and to manufacture the product in a limited number of locations is called the:
A. International model B. Multinational model C. Global model D. Transnational model E. All of the above are appropriate models
If the forecast is 25 and the actual value is 25, then the error this period is ________
Fill in the blank with correct word.