Variations in a Process That Are Caused by Specific Events

question 92

Multiple Choice

Variations in a process that are caused by specific events or factors that are frequently temporary and can usually be identified and eliminated are known as:

• A)chance variation.
• B)common variation.
• C)assignable variation.
• D)All of these choices are true.

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Definitions:

Product Life Cycle

Product life cycle is the series of stages a product or service goes through in the ‘life’ of its marketability.

Defender Strategies

Approaches used by organizations to protect their existing market share by improving efficiency and product quality, while not seeking to aggressively expand.

Prospector Strategies

Business strategies focused on growth and innovation, seeking out new markets, opportunities, and technologies to maintain competitive advantage.

Porter's Generic Strategies

A framework that outlines three strategies businesses can use to achieve competitive advantage: cost leadership, differentiation, and focus.