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The waste related to diagnostic tests is an opportunity for hospitals to decrease costs. The manager of a trauma unit at one hospital just launched a Six Sigma project aimed at reducing redundant diagnostic tests, with an expected cost reduction of 10%. Which tool should the team use to visualize the process steps connected to the Customer?  [which]

The operations manager at a manufacturing company just launched a Six Sigma project to reduce defects, with the ultimate goal of reducing customer warranty returns. Which tool should the project team use to verify that process inputs align with the required outputs?  [which]

A dental implant manufacturer wants to reduce the work in process at its production facility. The team working on the project just completed the Define tollgate. Which tool should the team use to document the current flow of process steps and information, as well as data on costs, processing time, personnel, work in process, and other processing data? [tool]

Part 2 of 2 parts Based on the process performance index, Cpk, estimated in Part 1, does this process meet Motorola’s definition of Six Sigma quality?

Price transmits information that often relates to the relative scarcity of a good. (Ture/False)

Who developed the “P-D-C-A Cycle”? [ans]

A ___________ is the loss to society of not producing the supply-and-demand determined level of output.

Suppose the absolute price of good X is $10 and the absolute price of good Y is $5. A tax is placed on the purchase of good X only and not another good Y. The tax effectively raises the consumer’s pay for good X from $10 to $15. Now, the relative price of one unit of good X is (1)________ units of a good Y.  The relative price of one unit of good Y is (2)________ units of a good X.  *Hint: therefore, the tax makes good X relatively more expensive and makes good Y relatively cheaper.

Based on the above graph, Total surplus (TS) is ________________ in a market without any price controls.  The market is allowed to move to equilibrium. 

Based on the above figure, If is a price ceiling, then the quantity demand at the price ceiling (i.e., ) is: