What Factors Appear to Be Influential in Ensuring the Success

question 47

Multiple Choice

What factors appear to be influential in ensuring the success of TQM?

• A) Quality strategy, top management support, a steering group, appropriate training and recognition and reward.
• B) Motivate the workforce through a programme of hype, slogans and exhortations.
• C) Committed workers and supervisors, investment in training, financial benefits for staff.
• D) Focus TQM on the areas of the operations that have the greatest impact on customers.

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Definitions:

Accounting Principles

Guidelines and rules that govern the accounting and financial reporting practices of businesses, ensuring consistency, reliability, and comparability of financial statements.

Conservatism

An accounting principle that advises caution, directing accountants to choose methods and estimates that are least likely to overstate assets and income.

Fair Value Accounting

An accounting approach that measures and reports assets and liabilities at their estimated market prices.

Financial Crises

A situation where the value of financial institutions or assets drops significantly, often characterized by panicked selling and loss of confidence in the financial system.