B. Chapter 17 - Production of Goods & Services - Business

Just-in-time inventory management is an example of (a)   production.

Define production

• Improving business quality by producing more goods

• Process of adding value to a product to satisfy consumer needs & wants

• Process of adding value to a product to satisfy firm's needs & wants

• Process of increasing efficiency of a business

What is the formula for productivity?

• Quantity of output/Quantity of input

• Output/Time

• Quantity of output/Time

What is Kaizen?

• A stock control method where the business doesn't store any raw materials

• When a production line is divided into separate parts

• A technique that a firm can adopt

• The continuous improvement by eliminating waste

What is a disadvantage of Job Production?

• The product meets the exact requirements of the customer

• The skilled labour is often used

• It's flexible

• Costs are high

What is the advantage of using technology in production?

• Higher productivity

• Higher unemloyment

• Technology becomes outdated easily

• Improve motivation

How to increase productivity?

• Improve employee motivation

• Improve quality control

• Use more labour than machines

• Increase the price of the product

Which production method to use depends on?

• Size of the market

• Nature of the demand

• Nature of supply

• Availability of labour

What are the types of inventory in manufacturing?

• Raw materials

• Labour

• Work in progress

• Finished goods

• Inventory control

What are the Lean Production managements?

• Cell, JIT, Kaizen

• Job, Flow, Batch

• Lean, Batch, Kaizen