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The American Society for Quality Control Defines Quality as the Totality

question 49

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The American Society for Quality Control defines quality as the totality of features and characteristics that impact on the ability of a product or service to satisfy needs.


Definitions:

Conditional Probability

The probability of an event occurring given that another event has already occurred.

Hurdle Rate

The minimum rate of return on a project or investment required by a manager or investor.

Rate of Return

The gain or loss of an investment over a specified period, expressed as a percentage of the investment's cost.

Return on Investment

A performance measure used to evaluate the efficiency or profitability of an investment, calculated as the net profit divided by the initial cost.

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