Explain the term "Baldrige-qualified."
What will be an ideal response?
For the firm applying for the Baldrige award, the first step is eligibility determination. Once eligibility is established, the applicant sends the completed application to NIST. The application is then subjected to first-round review by Baldrige examiners. During this review, examiners read and score the applications. Judges then review the scoring to determine which applicants will continue to consensus. During the consensus phase, between five and eight examiners who have scored the application participate in a conference call to determine a consensus score for each of the scoring items.
Once consensus is reached, judges receive a consensus report from the senior examiner leading the examiner team. Judges then make a site-visit determination. At this point, applicants scoring sufficiently high are granted a site visit. In the past, simply the granting of a Baldrige site visit has been cited as evidence of high-quality processes. These firms sometimes refer to themselves as "Baldrige qualified."
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Which of the following statements about covered perils and loss settlement under an unendorsed Homeowners 3 policy is true?
A) The dwelling is covered on a named-perils basis. B) Personal property losses are settled on an actual cash value basis. C) Losses to the dwelling are always settled on an actual cash value basis. D) Personal property is covered on an open-perils basis.
For a project with ordinary cash flows (defined as negative initial cash flows followed by positive cash flows) and a positive NPV, which of the following statements is NOT necessarily true?
A) The internal rate of return will be greater than the required rate of return. B) The modified internal rate of return will be greater than the required rate of return. C) The payback period will be less than the required amount of time. D) All of the statements above must be true.