GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Production may stop if raw materials are not delivered on time which is costly to the business
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Everyone will finish work earlier
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some raw materials need to be used up quickly eg fruit and veg otherwise they will perish
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Workers get more breaks
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Detailed explanation-1: -Why is lead time important? Lead time is an essential metric across many industries. Reliably calculating accurate lead times is crucial to avoid a supply delay, which could negatively affect customer satisfaction, contractor dependencies, and cost efficiencies across the board.
Detailed explanation-2: -Lead time is the time it takes between the initiation and completion of a production process for a product or products. This includes the order placement, sourcing of materials, manufacturing and delivery of the final product.
Detailed explanation-3: -Delivery lead time is the period between when an order is placed and when that order is delivered. Delivery lead time tells a company how far in advance it needs to place an order for the delivery to arrive on time.
Detailed explanation-4: -In short, lead time is the period of time spent by the production system, in order to transform inputs into finished products, ready for delivery. This process involves a number of crucial steps in a business, such as procurement management, supplier management, and supply chain management.