In a short essay, define and discuss quality control in an organization
What will be an ideal response?
Answer: Controlling for quality is the responsibility of every member of the organization. Quality control refers to monitoring quality–weight, strength, consistency, color, taste, reliability, finish, or any one of many characteristics–to ensure that the product, whatever it is, meets some preestablished standard.
Quality control is typically needed at one or more points in the transformation process, beginning with the receipt of inputs. It will continue with work in process and all steps up to the final product. Assessments at intermediate stages of the transformation process typically are part of a quality control program. Early detection of a defective part or process can save the cost of further work on the item.
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You sell valuable artifacts from your household estate for $200,000 and want to use the money to
supplement your retirement. You receive the money on your 60th birthday, the day you retire. You want to withdraw equal amounts at the end of each of the next 25 years. What constant amount can you withdraw each year and have nothing remaining at the end of 20 years if you are earning 7% interest per year? A) $37,574 B) $28,318 C) $17,162 D) $49,113
A firm has prepared the coming year's pro forma balance sheet resulting in a plug figure in a preliminary statement—called the external financing required—of $230,000. The firm should prepare to ________
A) repurchase common stock totaling $230,000 B) arrange for a loan of $230,000 C) do nothing; the balance sheet balances D) invest in marketable securities totaling $230,000