Which inventory control system estimates the demand for raw materials and the components necessary to create a finished product? Select one: a. Economic ordering quantity b. Performance management c. Materials requirements planning d. Just-in-time Productivity standards are usually expressed as Select one: a. the percentage of market share of the total market the business is aiming to conquer b. the ratio between inputs and outputs c. the effectiveness of training programmes d. the numerical value of profit expected for the period Which one of the following statements about control is correct? Select one: a. Only managers at top level are involved in the control process. b. Control influences the first step in the management process (planning). c. Control procedures are only necessary in large bureaucratic organisations. #randomize d. Control is the third component of the management process. Question 24 Marked out of 1.00 You have to ensure that the control systems in your company are able to accommodate change and adjust to revisions, within limits, without management having to develop and implement an expensive new control system. Which characteristic of an effective control system is described here? Select one: a. Timeliness b. Accuracy c. Integration d. Flexibility When using the system, inventories are ordered only when they are needed and the costs of maintaining inventory levels over extended periods are eliminated. Select one: a. Edwards-Deming b. material requirements planning (MRP) c. just-in-time (JIT) d. economic order quantity (EOQ)