ADM 106 GRADED A+
What is the definition of economics? - ANS The production, distribution, and consumption of goods and services. What occurs when competition is low? - ANS Production can be inefficient without being penalized and manpower and other resources can be wasted. What creates more innovation? - ANS More competition Why are companies in business? - ANS To make money What is the 1:10:100 Rule? - ANS This is the rule that states it costs $1 to fix in design, $10 to fix in production, and $100 to fix in the field. When your setting up your customer what are the two of the questions you ask your customers? - ANS * What do you need from me? * What will you do with what I give you? Is it important to cut 2% of any process in the company? - ANS Yes, because 2% can be make or break for some companies. Define Cost of Quality - ANS The cost of not creating a quality product or service. What are seven obvious examples of the cost of quality? - ANS * Reworking * Retesting * Rebuilding
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