Which of the Following Principles Supports Statistical Thinking,a Philosophy of Learning

question 31

Multiple Choice

Which of the following principles supports statistical thinking,a philosophy of learning and action?

• A)Variations make it easy to understand root causes in a production process issue.
• B)Understanding and increasing variation are keys to success.
• C)Variation exists in all processes.
• D)All work occurs in a system of independent processes.

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Definitions:

Owner's Drawings

The amount of money taken from the business by the owner for personal use, not considered a business expense.

Sales Revenue

A company's total income from product sales or service charges prior to the deduction of any operational expenses.

Gross Profit Rate

A profitability ratio that compares gross profit to net sales, reflecting the efficiency of a company in managing its production and labor costs.

Multiple-Step Income Statement

An income statement that separates operating revenues and expenses from non-operating items to display key components of net income.