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Quality is a perceptual, conditional, and somewhat subjective attribute and may be understood differently by different people. [1] [2] Consumers may focus on the specification quality of a product/service, or how it compares to competitors in the marketplace.
Reputation is the primary stuff of perceived quality. Its power comes from an unstated analogy: that the quality of products today is similar to the quality of products of yesterday, or the quality of goods in a new product line is similar to the quality of a company's established products. [1]
Quality Management Software is a category of technologies used by organizations to manage the delivery of high quality products. Solutions range in functionality, however, with the use of automation capabilities they typically have components for managing internal and external risk, compliance, and the quality of processes and products.
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function .
The quality of a product depends almost entirely on the quality of its raw material. Suppliers and manufacturers must work together to eliminate defects and achieve higher quality. Small and medium-sized enterprises (SMEs) should discuss with their suppliers how quality improvements can affect the overall performance of the supply chain.
Managerial economics uses explanatory variables such as output, price, product quality, advertising, and research and development to maximise net benefits. Mathematical model analysis; The use of econometric analysis has grown with the development of economics and management, as has the use of differential calculus to determine profit maximisation.
Management of quality was the responsibility of the Quality department and was implemented by Inspection of product output to 'catch' defects. Application of statistical control came later as a result of World War production methods, which were advanced by the work done of W. Edwards Deming , a statistician , after whom the Deming Prize for ...
Economic growth may be defined as a production increase of an output of a production process. It is usually expressed as a growth percentage depicting growth of the real production output. The real output is the real value of products produced in a production process and when we subtract the real input from the real output we get the real income.