Continuous Improvement Is a Philosophy That

question 73

Multiple Choice

Continuous improvement is a philosophy that

• A) utilizes problem-solving techniques within work teams.
• B) ensures there are plenty of quality inspectors to find areas for improvement.
• C) waits until a big problem occurs, then systematically solves it.
• D) encourages the use of statistical process control specialists to reduce the need for employees to learn complicated statistical methods.

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.

Profit and Loss Ratio

A financial metric that compares the gains and losses of a business over a specific period, often used to assess profitability.

Initial Investment

The initial amount of capital used to start a business venture, purchase an asset, or make an investment.

Interest Allowance

A sum that lenders may offer to borrowers, reducing the effective cost or total amount of payable interest on a loan.