Process FMEA, Process Capability Assessments, Basic Statistics, and Decision Making

question 4

Multiple Choice

Process FMEA, process capability assessments, basic statistics, and decision making are the tools used in the ________ phase of the DMAIC process.

• A) define
• B) measure
• C) analyze
• D) improve
• E) control

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Definitions:

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good affects the overall cost of production.

Joint Monthly Profit

The combined profit earned by two or more partners or businesses in a single month.

Cartel

An organization of sellers designed to coordinate supply and price decisions so that the joint profits of the members will be maximized. A cartel will seek to create a monopoly in the market for its product.

Monopolist

A single seller in a market who has significant control over the price and supply of a product or service.