The Deming Cycle Is

question 224

Multiple Choice

The Deming Cycle is

• A) a checklist that enables managers to evaluate employee performance more systematically.
• B) a systematic method of evaluating potential facility locations.
• C) a process for finding potential quality errors before they occur.
• D) a process for using identical production steps in the creation of different types of products.

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Definitions:

Incremental Cost Approach

The incremental cost approach involves evaluating the additional costs and benefits associated with making one decision over another, used to make economically sound choices.

Payback Period

The length of time required for an investment to recover its initial cost out of the cash receipts that it generates.

Required Rate of Return

The minimum annual percentage earned by an investment that will entice individuals or companies to put money into a particular security or project.

Net Income

The profit or loss of a company after all expenses, taxes, and costs have been subtracted from total revenue.