The DMAIC Improvement Cycle Has Been Applied to Revenue Management

question 69

True/False

The DMAIC improvement cycle has been applied to revenue management approaches.

---

Definitions:

Fast-Second Strategy

a business approach where companies wait to observe the successes and failures of innovators before entering the market with a more refined and potentially more competitive offer.

Catgut

A type of cord traditionally made from the natural fibers found in the intestines of sheep and other animals, used for surgical sutures and musical instrument strings.

Trade Secret

A type of intellectual property comprising formulas, practices, processes, designs, instruments, patterns, or compilations of information that are not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.

Short Run

A period of time in which at least one input, typically capital, is fixed, and producers can only adjust the variable inputs like labor.