Final answer:
Lead Time is the time between when an order is placed and when it is received and becomes available for use. It is a crucial concept in supply chain management and inventory control.
Step-by-step explanation:
Lead Time is the time between when an order is placed and when it is received and becomes available for use. It is a crucial concept in supply chain management and inventory control.
For example, if a company places an order for a product and it takes 3 days to be delivered and ready for use, then the lead time in this case is 3 days.
Understanding lead time is important for businesses to properly plan their production, manage inventory levels, and meet customer demand efficiently.