1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Natalija [7]
3 years ago
10

What is the business importance of managing the quality of business processes? Describe two methods of quality management.

Business
2 answers:
Ratling [72]3 years ago
6 0

Answer:

2 methods are LEAN and Kaizen

Explanation:

The value of quality management is to help businesses enhance the dependability, longevity and quality of their goods. Such variables distinguish a company from its rivals. Quality products equal more satisfied customers and more income.

Lean is a very diverse management technique. Lean most often uses the term theory to be embraced by the company (business). Lean is based on a number of fundamental principles. It is essentially the organization's attempt to improve constantly in all aspects and prevent unnecessary waste.

Kaizen is an development process centered on Japanese cultural heritage. The focus of the enhancement is to progressively optimize methods and working practices, improving quality and reduce scrap, save resources and time to reduce costs, increase workplace safety and reduce working-place hazards.

Julli [10]3 years ago
6 0

Answer:

a) Business processes is a set of activities and tasks that once completed, will accomplish an organizational goal.

Therefore, the importance of managing the quality of business processes is that  it can help you improve your overall operations, It can minimize your expenditures, give you better control of the execution of tasks, pinpoint operational deficiencies, and give you insights to make better business decisions.

b) Two Methods Of Quality Management

1. DMAIC - Improvement Cycle is a universally applicable method of gradual improvement.  It is used for any improvement - for example, quality of products, services, processes, applications, data. Each stage in the cycle helps achieve a real improvement. Improvement cycle phases are:

D (Define) - objectives are defined, it is described subject and improvement objectives (product, service, process, data, etc.)

M (Measure) - measurement of initial conditions in term of the principle “what I don’t measure, that I don’t control”

A (Analyze) - analysis of the facts, causes of deficiencies

I (Improve) - key phase of the whole cycle, in which the improvement is based on analyzed and measured facts

C (Control) - improved deficiency should be introduced - to manage and maintain the improvements in life .

2) CAF Model (Common Assessment Framework) is a quality management tool, which was created for the conditions of public sector organizations.The basis of the CAF is self-assessment  which helps the organization to identify both its strengths and also get an overview of activities leading to the continuous improvement of the organization’s performance.

Explanation:

You might be interested in
Suppose that Verizon Wireless has hired you as a consultant to determine what price it should set for calling services. Suppose
Feliz [49]

Answer:

If Verizon charges an optimal two-part price thenconsumer surplus will be zero.

Explanation:

Given a competitive market the consumer surplus will be the area of the demand curve above the market price

This is, between the intersection point with Y axis and a parallel at market price. Ofter represent as a triangle

If a monopolistic company maximize profit It will decrease this consumer surplus as much as it can to gain it from itself.

First it will set price equal to his marginal revenue.

Then, if possible it will charge two tariff a fixed component and a variable component per usage This will extrac all consumer surplus in favor of the firm leaving a consumer surplus of zero.

If Verizon charges an optimal two-part price thenconsumer surplus will be zero.

3 0
3 years ago
Mr. Bailey would like to gift $515,000 (FMV) of appreciated property (basis $200,000) to his son. Mr. Bailey doesn't want to use
Oliga [24]

Answer:

He should set a grantor retained annuity trust (GRAT).

Explanation:

Mr. Bailey would be the grantor that transfers the asset into the GRAT, but retains the right to receive annuity payments for a number of years. The IRS has set a minimum annuity corresponding to the Section 7520 rate, during the last two years the rate has varied from 2-3%. When the trust expires (pays all the annuities), the beneficiary gets the asset tax free.

Since the grantor is giving up an asset but in exchange is receiving an annuity form it, there is no applicable gift tax, it is called a zeroed-out GRAT.

This type of grant makes sense only if the grantor believes that the future value of the asset will be higher than the current value, since the annuity is based on the current value. In this case, Mr. Bailey would receive payments based on a $200,000 value, but the property's fair market value is already higher and should increase as time passes.

7 0
3 years ago
Which of the following phrases effectively describes a business’s income statement
irina [24]

Answer:

Financial picture

Explanation:

The phrases is suitable because An income statement will give a general picture for stakeholders regarding the company's financial condition in the past year.

it consist of several important financial information that might influence investors to either  put their money into the businesses or simply abandoned it. Such as how much income that the company able to generate, the amount of expenses that the company have to pay for the operation, how much of the income is liquid, etc.

3 0
3 years ago
Vintage Baskets had the following department data: Work in process, physical units, August 1 8,000 Completed and transferred out
sp2606 [1]

Answer:

Equivalent units in the month of August using weighted average = 67,000

Explanation:

Using the weighted average method we have,

Opening equivalent units for material = 8,000 as materials are added in the beginning of the process.

Completed and transferred = 69,000

Out of which 8,000 were from opening

Therefore equivalent units = 69,000 - 8,000 = 61,000

Closing inventory = 6,000 again this will also be 100 % complete for materials as the material is added in beginning.

Total equivalent units in the month of August using weighted average = 61,000 + 6,000 = 67,000

6 0
3 years ago
You have been selected to lead a team to decide on a different type of structure in your organization to better serve customers
MatroZZZ [7]

Answer:

ok

Explanation:

yes and how

7 0
3 years ago
Other questions:
  • Speical Order Soni, LTD produces wall mounts for flat panel television sets. The forecasted income statement for 2017 is as foll
    6·1 answer
  • Choose all the permanent accounts. Group of answer choices Fees Earned Common Stock Dividends Depreciation Expense Office Equipm
    14·1 answer
  • Which terms is defined as a conflict of interest between the corporate shareholders and the corporate managers?
    5·1 answer
  • If the company budgets to need 4000 units to sell for a month, has a beginning inventory of 1000 units and a desired ending inve
    7·1 answer
  • Skidmore Music Company had the following transactions in March:
    15·1 answer
  • Which is not a feature of the four‑firm concentration ratio? a) It is an indicator of the oligopolistic nature of an industry. b
    12·1 answer
  • Payton Corporation provided the following information for the​ year: Beginning Balancelong dash​Work-in-Process Inventory $ 25 c
    15·1 answer
  • you are a consultant to a firm evaluating an expansion of its current business. The cash flow forecasts (in millions of dollar)
    10·1 answer
  • On a production possibilities curve, a change from economic inefficiency to economic efficiency is obtained by a) movement along
    15·1 answer
  • An increase in revenues increases net income, and net income increases stockholders’ equity. True or false?.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!