Quiz 14: Managing Quality Improvement Teams and Projects

Business

WF is the number one brand in the nation that functions in the name of Whole Foods Market, Bread Circus, Bread of Life, Fresh Fields, Merchant of Vino, and Wellspring Grocery. This company has faith in teamwork and emphasizes the participation of teamwork. Benefits of team work are as follows: • It develop cooperation among the employees. It helps in the development of a strong and powerful feeling and results in the development of work ethics. • It increases competitive spirit among its employees. Thus, it emphasis on teamwork results in better performance of the company. Thus, teamwork participation is important in grocery store industry.

Increased complexity in the workplace demands higher knowledge, devotion, team work, and participation of employees. It provides greater emphasis on employee participation and teamwork. With increase in complexity of the business processes, strength of individual employees reduces. Since, increased complexity demands new set of necessities that need to be analyzed, resolved, and finished. The situation can be handled with good communication and coordination between employees. Individual and team research also helps to cope with this complexity. Therefore, employee participation and team work help to enhance the performance of a firm by reducing the complexity in workplace.

Performing a cost benefit analysis with a payback period for a project : It is given that Indirect cost img Direct costs img Annualized benefits img Total project costs img The payback period is defined as the ratio of total project costs and annualized benefits. It is written as img …… (1) Where, Total project costs is represented by img . Annualized benefits is represented by img . Substitute img for img and img for img in Equation (1) yields Payback Period for the project. img img Hence, required payback period for the project is img .

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