The System in Which an Organization's Management Collects and Analyzes

question 61

Multiple Choice

The system in which an organization's management collects and analyzes information about the production process to pinpoint quality problems in the production system is called:

• A)total quality management.
• B)statistical process control.
• C)the Program Evaluation and Review Technique (PERT).
• D)the in-basket exercise.
• E)just-in-time inventory management.

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Definitions:

Real Output

The production of goods and services valued at constant prices, thus removing the effect of inflation.

Price Level

The calculated mean price level for the entire range of economic goods and services.

Nominal GDP

The gross domestic product measured in current prices, without adjusting for inflation.

Money Supply

The overall count of money resources within an economy at a pinpointed moment, incorporating physical currency as well as balances in savings and checking accounts.