Six Sigma Programs

question 85

Multiple Choice

Six Sigma programs

• A)utilize advanced statistical methods to improve quality by reducing defects and variability in the performance of business processes.
• B)consist of a disciplined, statistics-based system aimed at producing not more than 2.5 defects per million iterations for a manufacturing or assembly process.
• C)are based on three principles: (1)all work is a statistically controllable process; (2)no well-controlled process allows variability; and (3)defect-free work requires tight statistical controls.
• D)suggest that all activities can be controlled, employee empowerment is the best control tool, and 100 percent control is possible.
• E)radically redesign and streamline how an activity is performed.

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Definitions:

Pure Monopolist

A single seller in a market with no close substitutes for the product or service offered, leading to significant control over prices and market conditions.

Inelastic Segment

A range on the demand curve where the quantity demanded changes little when the price changes.

Price-Quantity Combination

A specific pairing of price and quantity that appears on the supply or demand curve, representing a potential market transaction.

Imperfectly Competitive

Describes markets where individual buyers or sellers have some control over the price of goods and services due to a lack of perfect competition, often resulting in market power and price distortion.