____ Is the Organized and Systematic Study of Every Element

question 25

Multiple Choice

____ is the organized and systematic study of every element of cost in a part,material,process,or service to ensure that it fulfills its design function at the lowest possible total cost.

• A) Six Sigma
• B) Process capability
• C) New product development
• D) CAD/CAM
• E) VA/VE

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Definitions:

Selling

The act of offering goods or services in exchange for money, involving strategies and processes to persuade customers to make a purchase.

Time-Value

Time-value represents the concept that money available at the current time is worth more than the same amount in the future due to its potential earning capacity, emphasizing the importance of time in finance.

Interest Rates

The cost of borrowing money, typically expressed as a percentage of the principal loan amount charged by lenders to borrowers.

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return, used in time value of money calculations.