CAPM (Certified Associate in Project Management) Practice Exam

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Study for the Certified Associate in Project Management Exam with practice questions and answers. Enhance your understanding of project management principles and strategies to excel in the exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is the purpose of a cost-benefit analysis in quality management?

To identify the cheapest suppliers
To compare the cost of the quality step to the expected benefit
To reduce the product's selling price
To increase the profit margin

The correct answer is: To compare the cost of the quality step to the expected benefit

A cost-benefit analysis in quality management is used to compare the cost of implementing a quality step or process with the expected benefits or outcomes. It is not solely concerned with finding the cheapest suppliers, as quality management also involves factors such as product reliability and customer satisfaction. Similarly, its purpose is not to reduce the product's selling price, but rather to ensure that the costs of quality are justified by the resulting benefits. The goal is also not solely to increase the profit margin, but rather to optimize resources and ensure that any investments made in quality management are worthwhile. Therefore, option B is the most fitting answer as it accurately reflects the purpose of a cost-benefit analysis in quality management.