C215-WGU Verified Exam Questions & Answers (A Rated) 2024 Latest Exam (elaborations) CFA - Chartered Financial Analyst
13 views 0 purchase
Course
CFA - Chartered Financial Analyst
Institution
CFA - Chartered Financial Analyst
C215-WGU Verified Exam Questions & Answers (A Rated) 2024 Latest
1.TQM: Total Quality Management: is an integrated organizational effort designed to improve quality at every level.
2. Customer Defined Quality: TQM is about meeting quality expectations as de- fined by the customer.
3. Conformance...
C215-WGU Verified Exam Questions &
Answers (A Rated) 2024 Latest
1. TQM: Total Quality Management: is an integrated organizational effort designed to
improve quality at every level.
2. Customer Defined Quality: TQM is about meeting quality expectations as de- fined
by the customer.
3. Conformance to specification: measures how well the product or service meets the
targets and tolerances determined by its designers.
4. Example of Conformance to specification: The wait for hotel room service may be
specified as 20 minutes, but there may be an acceptable delay of an additional 10 minutes.
Also, consider the amount of light delivered by a 60-watt light bulb. If the bulb delivers 50
watts, it does not conform to specifications.
5. Fitness for use: focuses on how well the product performs its intended function or use.
6. Example of Fitness for use: For example, a Mercedes-Benz and a Jeep Chero- kee both
meet a fitness for use definition if one considers transportation as the intended function.
However, if the definition becomes more specific and assumes that the intended use is for
transportation on mountain roads and carrying fishing gear, the Jeep Cherokee has a greater
fitness for use. You can also see that fitness for use is a user-based definition in that it is
intended to meet the needs of a specific user group.
7. Value for a price paid: is a definition of quality that consumers often use for product
or service usefulness. This is the only definition that combines economics with consumer
criteria; it assumes that the definition of quality is price sensitive.
8. Examples of Value for a price paid: For example, suppose that you wish to sign up for a
personal finance seminar and discover that the same class is being taught at two different
colleges at significantly different tuition rates. If you take the less expensive seminar, you
will feel that you have received greater value for the price.
9. Support Services: provided are often how the quality of a product or service is judged.
Quality does not apply only to the product or service itself; it also applies to the people,
processes, and organizational environment associated with it.
10. Example of Support Services: For example, the quality of a university is judged not
only by the quality of staff and course offerings but also by the efficiency and accuracy of
processing paperwork.
11. Psychological Criteria: is a subjective definition that focuses on the judgmental
evaluation of what constitutes product or service quality. Different factors contribute to the
evaluation, such as the atmosphere of the environment or the perceived prestige of the
product.
, C215-WGU Verified Exam Questions &
Answers (A Rated) 2024 Latest
12. Examples of Psychological Criteria: For example, a hospital patient may receive
average healthcare, but a very friendly staff may leave the impression of high quality.
Similarly, we commonly associate certain products with excellence because of their
reputation; Rolex watches and Mercedes-Benz automobiles are examples.
13. Manufacturing Organizations: Manufacturing organizations produce a tangi- ble
product that can be seen, touched, and directly measured. Examples include cars, CD
players, clothes, computers, and food items.
14. Quality in manufacturing organizations: quality definitions in manufacturing
usually focus on tangible product features.
15. Common quality definition in manufacturing:
a) Conformance: the degree to which a product characteristic meets preset standards.
b) Performance: such as acceleration of a vehicle
c) Reliability: meaning that the product will function as expected without failure
d) Features: the extras that are included beyond the basic characteristics
e) Durability: the expected operational life of the product
f) Serviceability: how readily a product can be repaired
16. Service Organizations: service organizations produce a product that is in- tangible.
Usually, the complete product cannot be seen or touched. Rather, it is experienced. The
intangible nature of the product makes defining quality difficult.
17. Examples of Service Organizations: delivery of healthcare, the experience of staying
at a vacation resort, and learning at a university.
18. Quality of Service is defined by perceptual factors:
a) Responsiveness to customers needs/
b) Courtesy and friendliness of staff.
c) Promptness in resolving complains.
d) Atmosphere
e) Time: the amount of time a customer has to wait for the service.
f) Consistency: the degree to which service is the same each time.
19. Quality Control Costs: Cost necessary for achieving high quality.
20. Two types of Quality Control Costs: 1. Prevention costs.
2. Appraisal costs.
21. Prevention Costs: are all costs incurred in the process of preventing poor quality
from occurring. Costs includes the following.
a) quality planning costs, such as the costs of developing and implementing a quality plan.
b) cost of product and process design.
c) Employee training in quality measurement.
d) Cost of maintaining records of information and data related to quality.
, C215-WGU Verified Exam Questions &
Answers (A Rated) 2024 Latest
22. Appraisal Costs: incurred in the process of uncovering defects. They include the
following;
a) Cost of quality inspections.
b) Product testing.
c) performing audits to make sure that quality standards are being met.
d) costs of worker time spent measuring quality
e) cost of equipment used for quality appraisal.
23. Quality Failure Costs: Cost consequences of poor quality.
24. Two types of Quality Failure Costs:
a. External Failure Costs
b. Internal Failure Costs
25. Internal Failure Costs: are associated with discovering poor product quality before
the product reaches the customer site.
a) rework: the cost of correcting the defective item.
b) Scrap: when item is so defective that it cannot be fixed and must be thrown away.
Scrap cost includes all the material, labor, and machine cost spent in producing the
defective product.
c) cost of machine downtime due to failures in the process and the costs of
discounting defective items for salvage value.
26. External Failure Costs: are associated with quality problems that occur at the
customer site. These costs can be particularly damaging because customer faith and
loyalty can be difficult to regain.
a) Customer complaints
b) Product returns
c) repairs to warranty claims
d) recalls
e) litigation costs resulting from product liability issues
f) lost sales and lost customers
27. Example of External Failure Costs: manufacturers of lunch meats and hot dogs
whose products have been recalled due to bacterial contamination have had to struggle to
regain consumer confidence. Other examples include auto manu- facturers whose products
have been recalled due to major malfunctions such as problematic braking systems and
airlines that have experienced a crash with many fatalities. External failure can sometimes
put a company out of business almost overnight.
28. External Failure Costs are particularly high where?: External failure costs tend
to be particularly high for service organizations. The reason is that with a service the
customer spends much time in the service delivery system, and there
, C215-WGU Verified Exam Questions &
Answers (A Rated) 2024 Latest
are fewer opportunities to correct defects than there are in manufacturing. Examples of
external failure in services include overbooking airline flights, long delays in airline service,
and lost luggage.
29. Walter A. Shewhart: "grandfather of quality control"
-developed quality control charts that are used to identify whether the variability in the
process is random or due to an assignable cause, such as poor workers or miscalibrated
machinery.
30. W. Edwards Deming: "father of quality control"
-Deming prize: an annual award given to firms that demonstrate outstanding quality.
-"14 points": upper management must develop a commitment to quality and provide a
system to support this commitment that involves all employees and suppliers.
31. Joseph M. Juran: -considered to have had the greatest impact on quality
management.
-defines quality as fitness for use which takes in to account customer intentions for use of
the product instead of focusing on technical specifications.
-develpped the concept of cost of quality which allows measuring quality in dollar terms
rather than on the basis of subjective evaluations.
-originated the quality trilogy.
32. Quality Trilogy:
a) quality planning
b) quality control
c) quality improvement.
33. Quality planning: companies identify their customers, product requirements, and
overriding business goals. Process set up so quality standards can be met.
34. Quality control: stresses the regular use of statistical control methods to ensure that
quality standards are met and to identify variation from the standards.
35. Quality improvement: quality improvement should not be just breakthroughs, but
continuous as well.
36. Armand V. Feigenbaum: -introduced the concept of quality control.
-promoted idea that quality developments are integrated throughout the entire organization/
-managers & employees have a total commitment to improve quality and people can learn
from each other's success.
-adapted by the Japanese and called "company-wide quality control.
37. Philip B. Crosby: -developed phrase "Do it right the first time" and the notion of zero
defects, assuming that no amounts of defects should be considered accept- able.
-coined the phrase "quality is free" and for pointing out the many costs of quality.
-stressed role of management in the quality improvement effort and the use of statistical
control tools in measuring and monitoring quality.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller paulinemaina. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
