Random Variation Is Introduced by Chance and Results from Small

question 81

True/False

Random variation is introduced by chance and results from small changes or differences in equipment operations, people's behaviour, or environmental conditions.

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Definitions:

Net Operating Income

The total profit of a company after subtracting operating expenses but before deducting taxes and interest.

Price Reduction

A decrease in the regular selling price of a product or service, usually to stimulate sales or clear inventory.

Value-Based Pricing

is a strategy under which the sale price of a product or service is determined primarily by the perceived value to the customer rather than by the cost of production.

Preventive Maintenance

Regular and systematic inspection, cleaning, and replacement of worn parts, materials, and systems to prevent unforeseen failures and maximize efficiency.