How Do the Japanese and American Approaches to Quality Management

question 51

Essay

How do the Japanese and American approaches to quality management differ? What factors have shaped those differences and what evidences the differences in quality values?

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Definitions:

Open Market

An economic system with few barriers to free market activity where prices for goods and services are determined by supply and demand.

Excess Reserves

Excess funds maintained by a bank or financial institution above the minimum levels mandated by regulatory authorities, creditors, or the institution's internal regulations.

Securities

Financial instruments that represent an ownership position in a publicly-traded corporation (stock), a creditor relationship with a governmental body or a corporation (bond), or rights to ownership as represented by an option.

Commercial Bank

A financial institution that provides services such as accepting deposits, providing business loans, and offering basic investment products.