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A company recently lowered its service performance from 99% product availability to 97% product availability. Such a further change is likely to save less than one million.(option b is correct)
A product is anything that can be supplied to a market in order to satiate a customer's need or desire. In marketing, a product is an item, system, or service that is made accessible for consumer usage in response to consumer demand. Products are sometimes referred to as merchandise in the retail sector, and they are purchased as raw materials in the manufacturing sector before being sold as finished goods. A form of product that is also considered is a service.
The most common types of commodities are basic materials like metals and agricultural goods, but they can also include anything that is readily available on the open market. In project management, products are the formally defined project deliverables that include or assist in achieving the project's goals.
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A company recently lowered its service performance from 99% product availability to 97% product availability. The change saved the company exactly $1million per year in inventory carrying cost. Senior management now wants to lower the service level to 95% from 97%. Such a further change is likely to save (explain!):
a) less than $1 million
b) about another $1 million
c) more than $1 million
