Deming Synthesized the Underlying Foundations of the 14 Points of Improving

question 21

Multiple Choice

Deming synthesized the underlying foundations of the 14 Points of improving quality into four simple elements which are called:

• A)basic elements of improvement.
• B)a system of profound knowledge.
• C)the four steps to total quality control.
• D)absolutes of quality management.

Understand the concept of value consciousness among consumers.

Recognize how external economic forces like inflation and recession affect the overall economy and individual financial decisions.

Identify changes in consumer income levels and their impact on spending habits.

Understand the concept of discretionary income and its calculation.

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Definitions:

Sales

The revenue generated from the selling of goods or services by a company or an enterprise to its customers.

Turnover

Sales divided by average operating assets.

Return On Investment

A performance measure used to evaluate the efficiency or profitability of an investment, expressed as a percentage.

Net Operating Income

The total profit of a company after operating expenses are subtracted from gross profit but before income taxes and interest expenses are deducted.