Kaizen Stands for

question 51

Multiple Choice

Kaizen stands for

• A) fitness for use.
• B) quality of design.
• C) Six Sigma.
• D) continuous improvement.

---

Definitions:

Implicit Costs

Implicit costs are the opportunity costs of using resources owned by the firm for its own use instead of other purposes.

Explicit Costs

Money paid out to different parties during the operation of a business, covering expenses like employee salaries, leasing costs, and material purchases.

Opportunity Costs

The value of the next best alternative forgone as a result of making a particular choice.

Production

The process of creating goods or services by combining various elements such as labor, technology, and raw materials.