Total Quality Management

question 36

Multiple Choice

Total quality management:

• A) requires that everyone in the organization be concerned with improving quality.
• B) means more than just using statistical controls to reduce manufacturing defects.
• C) views the cost of lost customers as an important result of quality problems.
• D) applies to service producers as well as manufacturers.
• E) all of the above are correct.

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Definitions:

Acquisition Strategies

Plans developed by businesses to successfully buy out or merge with other companies.

Economic Activity

Actions that involve the production, distribution, and consumption of goods and services in an economy.

Long-Term Value

The sustained economic worth of an asset, investment, or enterprise beyond the immediate future.

Enterprising Family

A family that engages collectively in entrepreneurial activities, often leading to the creation or management of family businesses over generations.