Which of the Following Items Are Management Concepts That Were

question 173

Multiple Choice

Which of the following items are management concepts that were created to improve companies' performances?

• A)Just-in-time manufacturing.
• B)Customer orientation.
• C)Total quality management.
• D)Continuous improvement.
• E)All of the above are ways that management can improve companies' performances.

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Definitions:

Opportunity Cost

The opportunity cost of an alternative is the profit you give up to pursue it.

Interest Payments

The amount paid by a borrower to a lender as compensation for the use of borrowed funds, usually calculated as a percentage of the principal amount.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits that could have been received but were given up.

Explicit Cost

Direct, out-of-pocket payments for resources employed in the production of goods or services.