What are the benefits of ISO certification?
What will be an ideal response?
ISO certification bestows significant external and internal benefits. The external benefits come from the potential sales advantage that companies in compliance have. Companies looking for a supplier will more likely select a company that has demonstrated compliance with ISO documentation standards, all other factors being equal. Consequently, more and more firms are seeking certification to gain a competitive advantage. Internal benefits can be substantial. Registered companies report an average of 48 percent increased profitability and 76 percent improvement in marketing. The British Standards Institute, a leading third-party auditor, estimates that most ISO 9000-registered companies experience a 10 percent reduction in the cost of producing a product because of the quality improvements they make while striving to meet the documentation requirements. Certification in ISO 9001:2008 requires a company to analyze and document its procedures, which is necessary in any event for implementing continuous improvement, employee involvement, and similar programs. The guidelines and requirements of the ISO documentation standards provide companies with a jump-start in pursuing TQM programs.
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Which of the following data stores is updated when employees gain new on the job training?
a. labor-force planning data b. skills inventory data c. payroll data d. none of the above
Failure to record amounts earned for services provided to customers but cash not yet received results in which of the following?
A) Net income being overstated B) No effect on total assets C) Stockholders' equity being overstated D) Total assets being understated
Zinc Corp. is planning to purchase a new machine. The initial investment outlay is expected to be $40,000, and the annual supplemental operating cash flows that the machine is expected to generate during its three-year life are $11,000, $15,000, and $18,000, respectively. The company's required rate of return is 9 percent. Which of the following statements is correct about the machine's net present value (NPV) and the decision of Zinc Corp. should make?
A. Accept the project because NPV = $4,000 B. Reject the project because NPV = -$3,384 C. Accept the project because NPV = -$4,382 D. Reject the project because NPV = $16,981 E. Accept the project because NPV = $76,616
The glass ceiling is best described as a _____.
A. gender-related problem B. race-specific issue C. program in diversity training D. process in knowledge management