In Your Own Words Describe the Functions of a Business

question 42

Essay

In your own words describe the functions of a business model and explain why the concept is important.

Describe the cause-and-effect (Ishikawa) diagram and its application in identifying problem causes.

Explain the concept and significance of Six Sigma in quality management.

Recognize the role of quality circles and employee empowerment in quality improvement.

Understand the concept and application of benchmarking in improving operations.

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net profit or loss.

Statement Of Owner's Equity

A financial document that shows the changes in the equity of a company over a specific period, reflecting investments, withdrawals, and the net income or loss.

Balance Sheet

A fiscal report summarizing the possessions, debts, and equity of shareholders in a company on a certain date.

Revenue

Revenue generated by a corporation through its commercial operations, usually from offering products and services to its clientele.