ECONOMICS

Detailed explanation-1: -Kaizen is a Lean term used to describe the practice of continuous improvement.

Detailed explanation-2: -A core definition of total quality management (TQM) describes a management approach to long-term success through customer satisfaction. In a TQM effort, all members of an organization participate in improving processes, products, services, and the culture in which they work.

Detailed explanation-3: -Definition: Continuous improvement is the managerial accounting concept of requiring people at every level in the organization to constantly be looking for ways to increase efficiency, effectiveness, and profitability.

Detailed explanation-4: -Which of the following is the correct sequence in which cost management information is developed and used? (The intent and the business context of the act) is correct.

Detailed explanation-5: -Which of the following is a contemporary management technique used by the management accountant to identify and monitor the costs of a product throughout all steps from product design to the finished product? Life cycle costing.