After a Problem Has Been Identified, a Fishbone Diagram Helps

question 221

Multiple Choice

After a problem has been identified, a fishbone diagram helps managers solve the problem by:

• A) identifying how customer satisfaction can be improved.
• B) creating a visual aid of why things go wrong.
• C) organizing cause-and-effect relationships.
• D) all of the above.
• E) none of the above.

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Definitions:

Roundabout Production

A process of investing in capital goods to enhance productivity and efficiency, typically leading to greater output in the long run.

Specialization

The process by which individuals, firms, or countries focus on producing a narrow range of products or services to gain greater efficiencies and yield higher quality or productivity.

Competitive Industry

An industry characterized by a large number of firms competing against each other, leading to innovation, lower prices, and improved products and services.

Economic Profit

The difference between a company's total revenue and its total costs, including both explicit and implicit costs, serving as a measure of the company's overall financial performance beyond just covering its opportunity costs.