Provide Examples of the Three Main Tenets of Total Quality

question 98

Essay

Provide examples of the three main tenets of total quality management as applied to this operations management course.

Determine the minimum price required for a firm to supply a positive amount of output in the long run.

Analyze the effects of changes in factor prices on the supply function.

Calculate the optimal number of units to produce or repair for maximum profit in the long run based on given cost and price information.

Appreciate the role of production functions in shaping supply decisions in economics.

---

Definitions:

Metrics

Quantifiable measures used to assess, compare, and track performance or efficiency over time.

Strategic Profit Model

A tool that companies use to examine how changes in business operations affect their overall profitability, focusing on margin and asset utilization.

Asset Turnover

A financial ratio measuring the efficiency of a company in using its assets to generate revenue.

ROI

Return on Investment; a financial metric used to measure the profitability of an investment, calculated by dividing the net profit by the initial cost.