Total Quality Management (TQM)is

question 123

Multiple Choice

Total quality management (TQM) is:

• A) comparing a product's actual functioning to their requirements to determine value.
• B) the process that involves everyone in the organization focusing on the customer to continually improve product value.
• C) the method used to transform inputs into outputs.
• D) the perceived benefit of a product, used by customers to determine whether or not to buy the product.

---

Definitions:

Constrained Resource

A factor that limits the output of a process or system, such as a machine, worker, or material that is in short supply.

Contribution Margin

The amount remaining from sales revenue after variable expenses are deducted, indicating how much contributes to covering fixed costs and profit.

Special Order

An order for goods or services that is outside the company's normal production routine or product range.

Resale Value

The estimated amount that an asset or good will be sold for at the end of its useful life.