Quality Assurance (QA) focuses on ensuring that processes are in place to provide confidence that quality requirements will be met. It involves systematic activities that assure management and external stakeholders that a product or service will meet the desired standards.

Quality Control (QC) is concerned with inspecting and verifying that the…[Read more]

Quality refers to the degree of excellence or superiority of something. It is a measure of how well a product, service, or process meets or exceeds customer expectations and requirements. Quality can be subjective and may vary depending on the context and the perspective of the individuals involved.

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Economic order quantity is the optimum order size that should be placed with a vendor to minimize blockage of funds and holding and ordering costs. At the same time, it is that adequate quantity of a product or part that will ensure unstopped production or sales activity in an organization. Economic order point on the other hand refers to the…[Read more]