COMPUTER APPLICATIONS
ENTERPRISE RESOURCE PLANNING ERP SOFTWARE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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purchasing.
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production planning
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inventory.
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integrated inventory.
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Detailed explanation-1: -Reducing production lead time relies on performing tasks as early in the manufacturing process as possible. This strategy minimizes the amount of rework needed to correct design faults, helping to ensure manufacturers to meet their delivery dates.
Detailed explanation-2: -Lead time in inventory management is the lapse in time between when an order is placed to replenish inventory and when the order is received. Lead time affects the amount of stock a company needs to hold at any point in time.
Detailed explanation-3: -Lead time becomes more important when the business is following just-in-time inventory management. The higher the lead time, the higher the waiting time for customers and the less satisfied the customer will be with the product offerings.