CIST 2601 Lecture Notes - Lecture 2: Washing Machine, Histogram, Measuring Instrument
5 Aug 2022
Department
Course
Professor
Document Summary
In any business organization, profit is the ultimate goal. Profit may be maximized by cutting costs for the same selling price per unit. If it is a monopolistic business, without giving much of importance to the cost reduction programs, the price may be fixed suitably to earn sufficient profit. But, to survive in a competitive business environment, goods and services produced by a firm should have the minimum required quality. So, the level of quality should be decided in relation to other factors such that the product is well absorbed in the market. In all these cases, to have repeated sales and thereby increased sales revenue, basic quality is considered to be one of the supportive factors. Quality is a measure of how closely a good or service conforms to specified standard. Quality standards may be any one or a combination of attributes and variables of the product being manufactured.
