Final answer:
The correct term for the time between placing an order and receiving it is lead-time, which is crucial for businesses to manage effectively for better customer satisfaction.
Step-by-step explanation:
The time that lapses between placing an order and receiving an order is called lead-time. This term is pivotal in business and supply chain management, as it represents the time taken for a customer's order to be processed and delivered. Companies often aim to reduce the lead-time to improve customer satisfaction and efficiency.
Using the given reference information regarding Richard's Furniture Company, which has delivery times from 10 a.m. to 2 p.m., we can deduce that questions related to average wait times or probability of waiting additional time fall under the scope of probability and statistics within business or operational management. Variables like the memoryless property can play a role in determining the likelihood of waiting, which directly ties into the concept of lead-time.