All of the Following Statements Regarding Total Quality Management Are

question 231

Multiple Choice

All of the following statements regarding total quality management are true except

• A)TQM emphasizes educating, training, and cross training employees to increase and broaden their skills.
• B)TQM is a formal effort to improve quality throughout an organization's value chain.
• C)TQM extends horizontally across business functions in the value chain.
• D)TQM increases time spent on rework and warranty work.

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Definitions:

Expected Inflation

The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling, as anticipated by consumers, investors, and economists.

Real Return

The rate of return on an investment after adjusting for inflation.

Nominal Rate

Typically refers to the interest rate agreed upon in the financing agreement before any adjustment for inflation.

Inflation Rate

The rate of growth in the broad cost of goods and services, which adversely affects the power of procurement.