Explain the Meaning of Quality in Business,compare the Approaches to Quality

question 49

Essay

Explain the meaning of quality in business,compare the approaches to quality improvement by various quality gurus and movements,and compare different approaches to controlling the quality of a product,including benchmarking,just-in-time inventory systems,Six Sigma,lean manufacturing,reengineering,failure mode and effects analysis,poka-yoke,and quality circles.

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Definitions:

Markup

The extra charge applied to the acquisition cost of items intended to offset operating costs and secure a profit, which defines their market price.

Return On Investment

A performance measure used to evaluate the efficiency or profitability of an investment, calculated by dividing the net profit from the investment by its cost.

Traceable Fixed Expense

Costs that can be directly linked to a specific department, product, or segment of a business and do not change with the level of output or sales.

Net Operating Income

A company's revenue minus its operating expenses, not including taxes and interest charges, representing the profit from core business operations.