Which term refers to the normal delivery time by the supplier?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $9.99Unlock all

Enhance your Business knowledge for the Leaving Certificate Exam. Test yourself with flashcards and multiple-choice questions. Prepare effectively for your exam with tailored hints and explanations!

Multiple Choice

Which term refers to the normal delivery time by the supplier?

Explanation:
Lead time is the time between placing an order with a supplier and receiving the goods. It’s the normal delivery window you can expect under ordinary circumstances and is essential for planning inventory and production. Just-In-Time focuses on minimizing inventory and syncing deliveries to production needs, rather than defining a standard delivery time. A mission statement describes why the business exists, and planning is the process of deciding what actions to take. So, the term for the normal delivery time by the supplier is lead time.

Lead time is the time between placing an order with a supplier and receiving the goods. It’s the normal delivery window you can expect under ordinary circumstances and is essential for planning inventory and production. Just-In-Time focuses on minimizing inventory and syncing deliveries to production needs, rather than defining a standard delivery time. A mission statement describes why the business exists, and planning is the process of deciding what actions to take. So, the term for the normal delivery time by the supplier is lead time.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy