In the context of business, what do the following letters stand for?
Write each answer in the space provided - Leaving Cert Business - Question 2 - 2022
Question 2
In the context of business, what do the following letters stand for?
Write each answer in the space provided.
WTO
CAM
EDI
CAD
JIT
Worked Solution & Example Answer:In the context of business, what do the following letters stand for?
Write each answer in the space provided - Leaving Cert Business - Question 2 - 2022
Step 1
WTO
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Answer
WTO stands for World Trade Organisation, which is an intergovernmental organization that regulates international trade.
Step 2
CAM
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Answer
CAM stands for Computer Aided Manufacturing, which involves the use of software to control machine tools in the manufacturing process.
Step 3
EDI
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Answer
EDI stands for Electronic Data Interchange, a digital communication that allows the exchange of business documents between organizations.
Step 4
CAD
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Answer
CAD stands for Computer Aided Design, which is the use of computer software to create, modify, analyze, or optimize a design.
Step 5
JIT
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Answer
JIT stands for Just in Time, an inventory strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs.
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