Total Quality Management (TQM)will Do Little to Improve the Performance

question 7

Multiple Choice

Total Quality Management (TQM) will do little to improve the performance of an organization unless ______ embrace it.

• A)Suppliers
• B)Managers
• C)All employees
• D)Customers
• E)Stockholders

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Definitions:

Accounts Payable

Liabilities to creditors, representing the obligation to pay for goods and services received, usually within a short period of time.

Economic Order Quantity (EOQ)

A formula used by businesses to determine the optimal order quantity to minimize total inventory costs.

Carrying Costs

The total cost of holding inventory, which includes warehousing, insurance, spoilage, and opportunity costs.

Ordering Costs

Expenses associated with placing orders for inventory, including administrative expenses, delivery charges, and any other costs related to buying goods or services.