Which of the Following Best Describes Business Process Re-Engineering

question 2

Multiple Choice

Which of the following best describes business process re-engineering?

• A) The redesigning of business activities to improve performance, quality, and productivity
• B) A program certifying that a factory, laboratory, or office has met the quality management standards of the International Organization for Standardization
• C) The principle of looking at the supply chain as a whole in order to improve the overall flow through the system
• D) A program certifying that a factory, laboratory, or office has developed pollution-control standards
• E) The process by which a company analyzes a different company's products to identify desirable improvements

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Definitions:

Minimum Price

The lowest legal price at which a good or service can be sold, often set to ensure producers can cover their costs.

Total Producer Surplus

The difference between the total revenue that producers receive and the minimum amount they would be willing to accept for their goods or services.

Producer Surplus

The difference between the amount producers are willing to sell a good for and the actual amount they receive due to market price.

Good X

An unspecified product or commodity in economics, used in theoretical models and discussions.