43 Business Concepts Quiz

ANOVA stands for Analysis of Variance and is used to find out how much and why an actual figure varied from a norm.

• True

• False

ANSI is a profit-driven organization focused on setting product standards.

• True

• False

BM stands for Business Modeling, which organizes business systems for efficiency.

• True

• False

BPR refers to Business Process Re-engineering, which involves making management more effective.

• True

• False

CM stands for Cellular Manufacturing, organizing production by dividing workers into teams with varied skills.

• True

• False

COQ refers to Cost of Quality, meaning the expenses incurred in making defective products.

• True

• False

ISO promotes quality standards that companies can qualify for.

• True

• False

JIT stands for Just-in-Time manufacturing, which avoids storing large amounts of stock.

• True

• False

MBO is about setting goals for employees without measuring their outcomes.

• True

• False

QA focuses on ensuring product quality by testing items after delivery.

• True

• False