The Japanese Approach to Quality Is Total Quality Management (TQM)

question 60

Multiple Choice

The Japanese approach to quality is total quality management (TQM) , which stresses which of the following principles?

• A)employee involvement, commitment to international standards, and customer satisfaction
• B)customer satisfaction, continuous improvements, and warranties
• C)customer satisfaction, employee involvement, and continuous improvements
• D)employee involvement, continuous improvements, and commitment to international quality standards

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Definitions:

Labor Savings

The reduction in the amount of labor (and consequently, labor costs) necessary to perform a particular task or produce a certain amount of goods or services.

Internal Rate

Typically referring to the internal rate of return (IRR), which is the discount rate that makes the net present value (NPV) of all cash flows from a particular project equal to zero.

Intangible Benefits

Advantages or positive outcomes of an action that are not quantifiable in monetary terms, such as customer satisfaction or employee morale.

Required Rate

Often refers to the minimum return an investor expects to achieve from an investment.