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1. Investing in the same TQM Initiative round after round will create
A. ever increasing returns
B. diminishing returns
C. the same amount of return
2. According to the S-Shaped curve, diminishing returns for a single year budget become noticeable at
A. $1,000,000
B. $1,500,000
C. $2,000,000
3. If a company with low automation wanted to invest in a single area that exclusively lowers labor costs, they would select:
A. QIT (Quality Initiative Training)
B. Concurrent Engineering
C. Vendor/JIT (Just in Time [Inventory]
4. The exact outcome of TQM efforts appear on the TQM Report, and as bar charts on the TQM spreadsheet. These results are for
A. the previous round only
B. the upcoming round only
C. cumulative for the previous and all remaining rounds (assuming no additional investment is made)
5. The TQM report can be accessed from
A. The Capstone(r) Courier
B. The Decisions menu
♦ Relevant knowledge
The concept of total quality management (TQM) is an organizational concept that argues that an organization can achieve long-term success through providing customers satisfaction through continuous quality improvement. In the end, as long as all processes are continually enhanced and improved, customers will be pleased with the goods and services and the company will flourish.
The answer for the question 1 is B.
After a few initiatives, each process is perfect and there’s no way to improve. If this happens, it is possible to lose money by investing in the same TQM initiative round after round.
The answer for the question 2 is C.
S – Return on investment is represented by a Sigmoid or shaped curve. The slope of the curve shows whether the return on investment has been high or low. A lower return is indicated by a higher budget.
The answer for the question 3 is A.
Quality Initiative Training allows the company to invest where it is most profitable.
The company is trying to lower labor costs, and can therefore implement QIT.
Concurrent engineering is the design of processes that have different stages running simultaneously.
JIT can help reduce waiting costs and warehousing costs, among other things.
The answer for the question 4 is C.
TQM investments have a consistent effect year after year, even if no additional investment has been made.
The answer for the question 5 is A.
Capstone(r), courier is another name for industry newsletter. This is where you can access the TQM report.