Kaizen Costing Is Concerned with Reducing the Costs by Identifying

question 127

True/False

Kaizen costing is concerned with reducing the costs by identifying small, continuous improvement for existing products and processes.

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Definitions:

Measurements

The act or process of determining the size, length, or amount of something typically using standard units.

Outlier

An observation in a data set that is distant from other observations, potentially indicating a variance issue, measurement error, or novel discovery.

Box and Whisker Plot

A graphical representation of data that shows the distribution of data points based on a five-number summary: minimum, first quartile, median, third quartile, and maximum.

Five-number Summary

A statistical summary that includes the minimum, the first quartile, the median, the third quartile, and the maximum of a data set.