The Features and Characteristics Approach

question 13

Multiple Choice

The features and characteristics approach

• A) focuses only on total quality, zero-defects.
• B) recognizes the cost of a product is determined by the rate of flow of the product through the value stream.
• C) recognizes the cost of a product is determined by the amount of labor time required to make the product.
• D) recognizes the cost of a product is determined by the amount of machine hours required to make the product.

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Definitions:

Expected Monetary Value

A decision-making technique in project management that calculates the average outcome when the future includes scenarios that may or may not happen.

Manufacturing Alternatives

Different methods or approaches available to produce a product, often evaluated based on cost, quality, and efficiency.

Expected Value

A statistical concept that calculates the average outcome of a random event considering all possible scenarios and their probabilities.