Continuous Improvement Can Be Implemented in Which of the Following

question 7

Multiple Choice

Continuous improvement can be implemented in which of the following ways?

• A) benchmarking against internal and external best-in-class processes and companies
• B) statistical and nonstatistical tools
• C) product redesign with fewer parts
• D) all of the above

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Definitions:

Risk-loving

Refers to a preference for risk when making choices under uncertainty, where a greater level of risk is associated with the potential for higher rewards.

Negative Expected Value

A statistical condition where the anticipated result of an investment is less than the initial cost.

Moral Hazard

The risk that one party to a transaction has not entered into the contract in good faith or has an incentive to take unusual risks because the costs are not borne by that party.

Flat Salary

A flat salary is a fixed amount of pay received by an employee, regardless of the number of hours worked or the quantity of output.