An Example of a Continuous Process Strategy That Use Statistical

question 9

Multiple Choice

An example of a continuous process strategy that use statistical methods to measure defects and guide continuous improvement is:

• A) Kaizen
• B) Scientific management
• C) Total quality management
• D) Reengineering

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Definitions:

FDA Approval

The authorization granted by the Food and Drug Administration indicating that a product is safe and effective for its intended use in the United States.

Average Payoff

The expected return or outcome from a particular strategy, investment, or action, calculated as the sum of all possible payoffs weighted by their probabilities.

Decision Tree

A graphical representation of decision-making processes, showing different choices and their potential outcomes, including chance event outcomes, resource costs, and utility.

Revenue Management

A strategic approach to selling a limited inventory of goods or services to maximize revenue, often used in airlines, hotels, and other sectors.