Which of the Following Is the First Step in the Five-Step

question 26

Multiple Choice

Which of the following is the first step in the five-step chain reaction, as articulated by Deming, with regard to the philosophy underlying TQM?

• A)hnprovement in productivity
• B)Increase in a company's profitability
• C)Higher market share due to superior quality of products
• D)Reduction of costs due to improved quality
• E)Creation of more jobs

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Definitions:

Controllable Margin

The portion of profit or margin that can be influenced by managing operating costs and expenses.

Operating Data

Information related to the day-to-day functions and performance of a business, used for analysis and decision making.

Contribution Margin

The difference between a company's sales revenue and its variable costs.

Management By Exception

A management strategy where only significant deviations from planned results are addressed, focusing managerial attention on the most important issues.