TQM Lays Particular Emphasis on Which One of the Following

question 43

Multiple Choice

TQM lays particular emphasis on which one of the following areas?

• A) Business Process Re-engineering.
• B) Getting the customer-facing part of the operation right.
• C) Delighting the customer.
• D) Meeting the needs of customers, covering all parts of the organisation, continuous improvement.

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Definitions:

Market Price

The price at which a good or service is offered in the marketplace, determined by supply and demand.

Economic Profit

The difference between the total revenue received from the sale of an output and the total opportunity costs of the inputs used.

Average Variable Cost

The total variable costs (costs that change with the level of output) divided by the quantity of output produced.

Economic Loss

A situation where total costs exceed total revenues, resulting in a negative profit for a business or economy.