The elapsed time between placing an order and receiving it is also known as
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Answer:
Lead time
Explanation:
Lead time is the period of time from the beginning of a procedure to its completion. In the pre-processing, processing, and post-processing stages of the manufacturing, supply chain, and project management processes, businesses evaluate lead times. They can identify inefficiencies by comparing results to predetermined benchmarks.
Streamlining processes and boosting productivity can increase output and revenue. Longer lead times, however, have a negative impact on the manufacturing and sales processes.
Lead time describes the amount of time needed to perform a procedure from start to finish.
Lead time in manufacturing frequently refers to the amount of time it takes to produce a product and deliver it to a customer.
The number of days required to obtain resources, create things, and deliver finished goods are added together to determine lead time.
Lack of raw supplies, transportation problems, labour shortages, natural calamities, and human mistake are all factors that might increase lead times.
By using automated stock replenishment and just-in-time (JIT) procedures, businesses can sometimes reduce lead times.
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