B increasing quality and reducing errors in

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b.increasing quality and reducing errors in production or service delivery. c.management principles that focus on modifying the quality of the product to suit localaffordability. d.improving a business' return on investment by reducing in-process inventory and associated carrying costs.e.creating new products for developing countries using totally new and innovative processes. b; Easy 53.The concept of _____ refers to designing a product for a developing country and bringing that product back to the home country. 54._____ refers to buying the raw materials or components that go into a company’s products from around the world, not just from the headquarters’ country. 55.A US-based soft drink manufacturer introduces a drink in the Indian market that is already available in the US market. The manufacturer does not make any changes with regard to the size of the bottle, the fizz in the drink or the taste of the drink. The consumers in India get the same product that is available in the American market. The above serves as an example of: 56._____ refers to buying raw materials, components, or services from one supplier exclusively, rather than buying from two or more suppliers. a.Open-sourcingb.Multisourcingc.Sole-sourcingd.Home-sourcinge.Outsourcingc; Easy57._____ refers to a situation which means that there is no more stock of the company’s product. ©2013 Flat World Knowledge, Inc. 10
58._____ refers to the inventory that the company holds to help ensure that it won’t run out of products if there is a delay or crisis in a distant manufacturing region. 59.An automobile giant headquartered in the United States sells high-end bikes across the world. It wants to enter an emerging market. Customers in the market cannot afford the types of accessories used in the bikes. Thus the regional branch of the organization makes an autonomous decision to remove the accessories and to offer a toned-down version of the bikes to compete in the emerging market. This decision is accepted by the headquarters on the principle that the man on the ground is the best judge of local conditions. The above serves as an example of a(n): 60. Which of the following statements holds true for production planning and control?

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