Which of the Following Is Not One of the Eight

question 40

Multiple Choice

Which of the following is not one of the eight key principles of total quality management?

• A)Strive for zero defects.
• B)Define quality in terms of customers and their requirements.
• C)Focus on output rather than process.
• D)Make quality everyone's responsibility.
• E)Stress objective rather than subjective analysis.

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Definitions:

Natural Monopoly

A type of monopoly that occurs when a single firm can supply the entire market at a lower cost than any potential competitors, often due to high fixed costs.

Fair Return

A reasonable profit that companies aim for, which covers costs and provides a sustainable margin without being excessive.

Operating Efficiency

The capability of an organization to deliver products or services to its customers in the most cost-effective manner without sacrificing quality.

Market Shares

Represents the percentage of an industry's sales that is earned by a particular company over a certain period, indicating the company's dominance in the market.