Monitoring Costs Are

question 22

Multiple Choice

Monitoring costs are:

• A) the costs of a failure in bargaining.
• B) rarely incurred in contracts between a principal an agent.
• C) the insurance costs of guaranteeing that the principal will not incur a cost of contract failure.
• D) the costs of reviewing and overseeing the actions of an agent.

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Definitions:

Kaizen

A Japanese term for 'continuous improvement,' focusing on incremental changes in processes to enhance efficiency and quality.

Total Quality Management (TQM)

A comprehensive management approach that focuses on continuous quality improvement of products and services by involving all members of an organization.

Principles

Fundamental truths, rules, or standards that form the basis for reasoning, behavior, or the belief system of an individual or organization.

Deming's 14 Points

A set of management practices proposed by W. Edwards Deming to improve effectiveness, productivity, and performance within an organization.