To Avoid Business Failure,Terri Holt,a Small Business Owner,has Reduced the Size

question 35

Multiple Choice

To avoid business failure,Terri Holt,a small business owner,has reduced the size of her company's workforce by ten percent.This action is referred to as

• A) Downsizing
• B) Outsourcing
• C) Innovating
• D) Networking

Comprehend the calculation and interpretation of standard deviation.

Recognize the importance of cost-to-benefit analysis in quality management.

Explain the purpose and implementation of quality assurance and audits in a management system.

Identify and describe Deming's principles of management and their impact on quality improvement.

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Definitions:

Probability

The chance or likelihood that an event will happen, quantified as a number between 0 (impossible) and 1 (certain).

Biased Coin

A modified or manipulated coin which does not have an equal probability of landing on heads or tails, thus influencing the outcome of a flip.

Probability

The likelihood of an event happening is measured on a scale from 0 to 1, where 0 equals no chance of occurring and 1 denotes definite occurrence.

Normal Model

A type of statistical distribution that is symmetric and bell-shaped, representing the distribution of many types of data; commonly known as the normal distribution.