Variety refers to the range of different types or varieties of products or materials that are produced or used within a company or organization. A company with a high level of variety in its products or materials may produce or work with many different types of items, while a company with a low level of variety may produce or work with fewer types of items.
Variety can be important in manufacturing and industrial settings because it can allow a company to meet the diverse needs of its customers or to respond to changes in demand. For example, a company that produces a wide variety of products may be able to offer a product to meet the needs of nearly any customer, while a company that only produces a few types of products may be less able to meet the needs of customers with specific requirements.
Variety can also be important because it can help to reduce risk by diversifying the types of products or materials that a company produces or works with. For example, if a company relies heavily on a single product or material, it may be vulnerable to changes in demand or supply for that product or material. By producing or working with a variety of products or materials, a company can better mitigate this risk.