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What Is Party Identification and How Has It Changed Over

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What is party identification and how has it changed over time?


Definitions:

External Failure Costs

Costs that are incurred when a product or service that is defective is delivered to a customer.

Warranty

A guarantee provided by a seller or manufacturer to a buyer that a product will meet certain performance and quality standards over a specified period.

Manufacturing Cycle Efficiency (MCE)

A performance metric that measures the efficiency of the manufacturing process, calculated as the value-added time divided by the total cycle time.

Quality of Conformance

The degree to which a product or service meets the specified standards and customer expectations.

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