Explain the Distinction Between Juran's View of Quality as "Fitness

question 207

Essay

Explain the distinction between Juran's view of quality as "fitness for use," and Crosby's view of quality as "conformance to requirements."

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Definitions:

Secondary Reserves

Assets that are easily convertible into cash but are not held in the form of cash itself, serving as a backup for primary reserves in financial institutions.

Borrow From The Fed

The act of financial institutions taking loans from the Federal Reserve, usually to maintain reserve requirements or to stabilize liquidity.

Fiscal Policy

Government policies regarding taxation and spending designed to influence economic conditions, such as growth rates, inflation, and employment.

Monetary Policy

Actions undertaken by a central bank, such as the Federal Reserve, to control the money supply and interest rates to achieve macroeconomic objectives like controlling inflation.