A Malfunction in the Process Goes Unnoticed and Later Causes

question 101

Essay

A malfunction in the process goes unnoticed and later causes great expense in terms of operator and machine downtime.What type of error was caused here and how could it be decreased?

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Definitions:

Marginal Changes

Small, incremental adjustments to an existing plan of action, often considered in decision making and economic analysis.

Other-things-equal Assumptions

A principle in economics which suggests that the effect of one economic variable on another can be determined by holding all other influencing factors constant, commonly referred to as ceteris paribus.

Vertical Intercept

The point at which a line meets the vertical axis of a graph.

Slope

In economics, slope can represent the rate of change between two variables, often used in the context of supply and demand curves.