List and briefly explain the costs of quality.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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List and briefly explain the costs of quality.
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Step 1
Cost of Quality often called Cost Quality is nothing but the methodology used to describe and determine where and what price of the resources of the company are being used for prevention tasks or actions and maintaining the quality of the product as opposed to the prices out-coming from internal and external failures. The quality cost can be indicated by the addition of two factors. Efficient utilization and execution and implementation of Quality Cost procedure enable a company to determine accurately the price of the resources being used for the price of good quality and price of poor quality.
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