In Operations Management, Quality Is Defined in Terms Of

question 91

Multiple Choice

In operations management, quality is defined in terms of:

• A) the ratio of cost to output.
• B) how well a product satisfies customer preferences.
• C) additional tangible features that come with a product.
• D) the time taken to inspect one unit of a product.

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Definitions:

Fractional Reserve System

The fractional reserve system is a banking system in which banks hold reserves that are less than the amount of their customers' deposits, allowing them to lend or invest the remainder to earn interest.

Interest-Rate Ceilings

Caps set on the interest rate that can be charged on loans, often to protect consumers from excessively high rates.

Bankers

Individuals or institutions that are engaged in the business of dealing in money, providing loans, and accepting deposits.

1970s

A decade known for significant economic, political, and cultural changes worldwide, including the oil crisis and the end of the Bretton Woods system.