The Three Principles That Characterize TQM Are Continuous Improvement, Teamwork

question 12

Multiple Choice

The three principles that characterize TQM are continuous improvement, teamwork, and:

• A) third party certification
• B) delegation
• C) participative management
• D) customer focus and satisfaction
• E) distinctive competence

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Definitions:

Profit Centers

Parts of an organization that are responsible for generating revenue and evaluated based on their profitability.

Return on Investment

A performance measure used to evaluate the efficiency or profitability of an investment, calculated as net profit divided by the cost of the investment.

Average Total Assets

A financial metric that represents the average value of all the assets owned by a company over a specific time period.

Operating Expenses

The costs associated with running a day-to-day business operation, excluding the cost of goods sold.