Match the Principle of Quality Improvement with Its Key Benefits

question 14

Multiple Choice

Match the Principle of Quality Improvement with its Key Benefits.
-Ability to focus effort on the key processes

• A)Customer focus/patient focus
• B)Leadership
• C)Involvement of people
• D)Process approach
• E)System approach to management
• F)Continual improvement
• G)Factual approach to decision making
• H)Mutually beneficial supplier relationships

Understand the relationship between selling price, variable costs, fixed costs, and their impact on profit.

Calculate the margin of safety in both dollars and as a percentage of sales.

Understand and apply the concept of contribution margin (CM) ratio in decision making.

Calculate sales units required to maintain net operating income when certain cost parameters change.

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Definitions:

Compensatory Damages

financial awards given to a plaintiff to reimburse actual losses, expenses, or suffering due to the defendant's wrongful act.

Performance Value

Refers to the actual utility or effectiveness of a service, product, or asset in achieving its intended purpose or results.

Substantial Performance

A legal principle indicating that a contract has been nearly completed, enabling the performing party to receive payment, minus damages for any minor unfinished work.

Workmanlike Manner

The quality of performance in a job or task that meets acceptable industry standards and practices.