What Is Total Quality Management (TQM)

question 121

Multiple Choice

What is total quality management (TQM) ?

• A)TQM is an integrated organization-wide strategy for improving product and service quality. 
• B)TQM is a specific technique used to reposition a company's product so as to justify higher prices. 
• C)TQM is based on four mutually reinforcing principles: customer focus,customer satisfaction,participative management,and delegation. 
• D)TQM was developed and is monitored by the International Organization of Standards to monitor employee satisfaction.

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Definitions:

Capital Cost Allowance (CCA)

A tax deduction in Canada that allows businesses to claim a depreciation expense for the use of certain types of property.

Labour And Materials

Labour and materials refer to the primary inputs in the production of goods and services; labour represents human effort provided by employees, while materials include all tangible resources used in production.

Fixed Costs

Constant costs that do not vary with changes in production or sales levels, like property rent, worker compensation, and policy premiums.

Tax Rate

The rate at which a person or company is charged by the government on their earnings or gains.