With an Example,explain How the Six Sigma Process of Define,measure,analyze,improve,and

question 83

Essay

With an example,explain how the Six Sigma process of define,measure,analyze,improve,and control (DMAIC)works.

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Definitions:

Market Demand

The total quantity of a product or service that consumers are willing and able to purchase at various prices within a certain timeframe.

Bertrand Duopoly

An economic model where two companies compete solely on price, leading to a situation where prices tend toward the cost of production.

Optimal Prices

The price point at which a business can sell its goods or services to maximize its profit margin without losing demand.

Homogenous Goods

Products that are essentially identical, where each unit is the same as every other unit in terms of attributes and quality.