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.

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

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

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

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

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

ISO promotes quality standards that companies can qualify for.

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

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

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