When Evaluating Alternatives to Improve Quality, Both the Relevant Benefits

question 130

True/False

When evaluating alternatives to improve quality, both the relevant benefits as well as the relevant costs should be considered.

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Definitions:

TPS

Toyota Production System, a manufacturing methodology focused on reducing waste and improving efficiency and quality.

Lean Systems

Lean systems are management philosophies that focus on minimizing waste within manufacturing systems while simultaneously maximizing productivity.

Competitive Advantage

The attributes that allow an organization to outperform its competitors, including cost structure, product offerings, brand, and customer service.

Overall Returns

The total financial gain or loss generated from an investment or portfolio of investments over a specific period, considering both capital gains and income received.