The objectives of reducing costs and increasing quality in a firm are independent of each other
Indicate whether the statement is true or false.
FALSE
Through the upstream and downstream chains, the objectives of reducing costs and increasing quality are not independent of each other. The firm that improves its quality will also reduce its costs of value creation.
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Which of the following BEST describes functional strategy?
A) A strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines B) A strategy at the business-unit or product-line level that focuses on improving a firm's competitive position C) A strategy by which managers in specific areas decide how best to achieve corporate goals through productivity D) A strategy that assists first line managers in making day-to-day decisions about motivating employees E) A strategy that integrates an organization's marketing goals into a cohesive whole by focusing on the ideal product mix to achieve maximum profit potential
Which one of the following issues need not be addressed when planning an audit sample to test control procedures?
a. Audit objective of the test. b. Minimum failure rate. c. Expected population deviation rate. d. Auditor's allowable risk of assessing control risk too low.