Instructions: Please Define the Following Key Terms

question 64

Short Answer

Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
consumerism

Grasp the concept and applications of Six Sigma and PDCA in quality management.

Identify the impact of TQM principles on organizational performance.

Recognize the importance of continuous improvement and its methodologies in quality management.

Understand the significance of standards and certifications in quality management.

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Definitions:

Flexible Budget

A budget that adjusts or varies with changes in the volume of activity, often used to provide more realistic performance comparisons.

Variable Costs

Variable Costs are expenses that vary in direct proportion to changes in the levels of an activity or production volume, such as materials and labor costs.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent and salaries.

Direct Materials Price Variance

The difference between the actual cost and standard cost of direct materials used in production, indicating how effectively a company is purchasing its raw materials.