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Identify the five steps of DMAIC.
Total Revenue
The total amount of money a firm receives by selling goods or services, calculated as the unit price times the quantity sold.
Maximizing Profits
The process or strategy of adjusting the production and sale of goods and services to achieve the highest possible profit.
Fixed Costs
Costs that do not change with the level of output produced, such as rent, salaries, or insurance expenses.
Maximizing Profits
The process of increasing the difference between revenue and costs to achieve the highest possible financial gain.
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