Describe the five most commonly used tools for TQM
What will be an ideal response?
Answer: The most commonly used tools for TQM are valued-added analysis, quality improvement teams, getting closer to the customer, the ISO series, and business process reengineering. Value-added analysis refers to the evaluation of all work activities, material flows, and paperwork to determine the value that they add for customers. Quality improvement teams are groups of employees from various work areas who meet regularly to define, analyze, and solve common production problems. Getting closer to the customer involves taking steps to know what customers want in the products they consume. The ISO series pertains to a series of certifications attesting that a factory, laboratory, or office adheres to rigorous quality management requirements set by the International Organization for Standardization. Business process reengineering focuses on improving a business process-rethinking each of the process's steps by starting from scratch. The process yields improvements as measured by cost, quality, speed, and service. TQM begins with leadership and a desire for continuously improving both processes and products. It must consider all aspects of a business, including customers, suppliers, and employees.
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In a _____, the old system is discarded and the new one takes over the entire business operation for which it was developed.
Fill in the blank(s) with the appropriate word(s).
Which of the following is an example of a register-disbursement scheme?
a. A perpetrator who processes transactions as if a customer were returning merchandise, even though there is no actual return. b. A perpetrator uses the expense register to falsely record expenses that are then paid out by the A/P department. c. A perpetrator physically prepares a check from the check register claiming it is a legitimate expense when it is not. d. A perpetrator slowly takes money from the register drawer after making regular sales, showing that a discount was given to a customer on the receipt.
When a stock dividend is declared, it becomes a liability
Indicate whether the statement is true or false
A(n) ______________ leader is a very dangerous position for a manager to establish with other employees within the firm because this leader would have destroyed all three critical traits of a moral person.
a. Unethical b. Ethical c. Hypocritical d. Inconsistent