Refer to the Scenario Below to Answer the Following Questions

question 22

Multiple Choice

Refer to the scenario below to answer the following questions.
Quality and Mass Customization (Scenario)
Upon graduating from college, Steve Jungman began his career as a management trainee at Felcher & Sons Inc., a manufacturer of mid-priced office furniture. The firm has recently decided to expand overseas with manufacturing plants in Singapore and Thailand and sales offices in the Asia, Europe, and Australia. In conjunction with this investment in new plants and technologies, the firm plans develop an online presence that will enable customers to individually tailor the products they order from Felcher & Sons. Terry Tate, VP of operations for Felcher & Sons, is overseeing the development of these plants and the new production capabilities. Mr. Tate has asked that Steve be assigned to help him in this process.
-Tate asks Steve if he has heard of ISO 9000. Steve says he has but cannot remember what it is. Mr. Tate informs Steve that ISO 9000 is __________.

• A) the only quality standards program implemented by companies in Europe and North America
• B) a series of international quality management standards
• C) a quality management program established by the Industrial Strategy Organization
• D) a quality improvement program that establishes a goal of about 3 defects per 1,000
• E) a quality improvement program that establishes a goal of about 3 defects per 1,000,000

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Definitions:

Aggregate Purchases

The total amount spent on goods and services within an economy at a given period of time.

Unintended Inventory Investment

Occurs when a business accumulates inventory beyond its planned level, often due to lower than expected sales.

Rate of Interest

The percentage of a sum of money charged for its use, typically expressed annually, influencing borrowing, lending, and investment activities.

Saving and Investment

Refers to the act of setting aside a portion of current income for future use and allocating funds into ventures or assets expected to yield future returns.