LEAD-TIME Definition

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LEAD-TIME is the time between the initial stage of a project or policy and the appearance of results, for example, the long lead-time in oil production because of the need for new field exploration and drilling.

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THEORETICAL USAGE, in a manufacturing environment, is the projected or budgeted usage of parts, materials or supplies as opposed to the actual usage that may occur.

COMPENSATING ERROR is the name given to the situation where one mistake cancels out the effect of a second mistake.

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