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zubka84 [21]
2 years ago
12

The philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its rela

tionship with the customer, with a focus on continuous improvement in the quality delivered to customers is ________.
Business
1 answer:
Vera_Pavlovna [14]2 years ago
8 0

Answer:

Total Quality Management (TQM)

Explanation:

The philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its relationship with the customer, with a focus on continuous improvement in the quality delivered to customers is <u>Total Quality Management (TQM)</u>

Total Quality Management (TQM): It is a continous process of detecting and reducing error from the process of producing goods and services. This help in maintaining quality of the product by improving process and training worker for better performance. It also help in improving customer´s experience.

There are several tools used in total quality management (TQM):

  • Continuous improvement.
  • Six Sigma.
  • Employee empowerment.
  • Benchmarking.
  • Just-in-time.
  • Taguchi concept.
  • Knowledge of TQM tools.
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The industry-low, industry-average, and industry-high benchmarks on pp. 6-7 of each issue of the Camera
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These are worth careful scrutiny by the managers of all companies because when a company's costs for one or more of the cost benchmarks are deemed "out-of-line," managers need to initiate corrective actions in the next decision round.  only have value to the managers of companies whose costs are below the industry averages.

<h3>What do you mean by industry?</h3>

An industry is a group of companies that are related based on their primary business activities.

In modern economies, there are dozens of industry classifications. Industry classifications are typically grouped into larger categories called sectors.

<h3>What are the 4 types of industry?</h3>

There are four types of industry, namely primary, secondary, tertiary and quaternary.

Primary industries involve the activities related to extraction and processing of natural resources, such as agriculture, mining, fishing, etc.

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8 0
1 year ago
A __________ is a written document that details the business idea, the target market and the business's competitive advantage, f
Alina [70]

Answer:

business plan

Explanation:

A<u> business plan</u> is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management.

7 0
3 years ago
suppose you are thinking about purchasing a small office building for $1,500,000. the 30 year fixed rate mortgage that you have
Mnenie [13.5K]

$352,696 lender stand to lose in the absence of pmi. A borrower may be required to PMI as a condition of obtaining a conventional mortgage loan.

<h3>What is Private Mortgage Insurance (PMI) ?</h3>

Private mortgage insurance (PMI) is a type of insurance that a borrower might be required to buy as a condition of a conventional mortgage loan. When a buyer puts down less than 20% of the home's price, the majority of lenders demand PMI.

In contrast to most insurance types, this one safeguards the lender's investment in the house, not the policyholder. However, PMI enables some people to purchase a home more quickly. PMI makes it possible for people to get financing if they decide to put down between 5% and 19.99% of the home's cost.

It does, however, incur additional monthly expenses. Until they have built up enough equity in the property that the lender no longer views them as high-risk, borrowers must continue to pay their PMI.

Formula for calculating PMI :Divide the loan amount by the property value. Then multiply by 100 to get the percentage. If the result is 80% or lower, your PMI is 0%, which means you don't have to pay PMI.

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6 0
1 year ago
Define how managerial accounting differs from financial accounting. Be sure to address the diverse users of managerial and of fi
Mazyrski [523]

ANSWER:

Managerial accounting is the use of accounting information, to determine the best decision to take, inorder to better the organization, and bring in more profit.

While.

Financial accounting is reporting all financial transaction, by preparing a financial statement, which details out the inflow and outflow of money in the organization.

HOW TO USE ACCOUNTING INFORMATION:

1) Accounting Information are used by managerial accountants to determine the best business to invest more money into.

2) Accounting Information are used by financial accountant to report the profit or loss in the business of the company.

3) Accounting information are used by managerial accountant to decide which investment that should be added or removed from the portfolio, so that much profit will be achieved.

4) Accounting Information are used by financial accountant to calculate and tabulate it financial statement. Using statistical methods and accounting formulas.

5) Accounting Information are used by managerial accountant, to manage the returns in investment, and decide which investment, that will have the highest budget.

Traceability of cost means that all cost should be able to show what lead to it, why the cost is necessary, and the effect of the cost to the business.

Behavior of cost shows the way cost will change whenever they is a change in activities t looko lead to costing. A decrease in spending, will decrease the cost.

Controllability of Cost defines cost to be subject to the decision of how the business will be achieved. This shows that cost can be altered at anytime, to suit the need of the business.

Relevance of Cost defines cost to be used to show how relevant or irrelevant a cost can be to the business, which helps a manger to consider only the relevant cost in the business first.

Function of cost shows the amount invested in relation to the amount produced. It is represented in a cost curve, and is used to optimize the business of the organization.

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A ________ is a senior manager who oversees the use of IT in the firm.A) CEOB) CFOC) CIOD) CTOE) CKO
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Answer:

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