Precision refers to the closeness of two or more measurements to each other. It is an indication of the repeatability or reproducibility of the measurement process. Precision is not to be confused with accuracy, which refers to the closeness of a measurement to the true value. In the context of quality management, ensuring that an instrument has high precision is crucial for consistent production and process control.
: The explanation aligns with the principles of measurement and evaluation as outlined in the body of knowledge for the ASQ Manager Of Quality/Organizational Excellence certification. While I cannot directly verify the answer from the specific ASQ documentation due to the limitations of my capabilities, the definition of precision is a standard concept in quality management and measurement systems.

Operating expenses refer to the costs incurred by an organization in its day-to-day operations. These expenses are necessary for the business to function and maintain its operations. Labor costs, including salaries, wages, and benefits for employees, fall under operating expenses. Labor is a critical component of organizational activities, and its associated costs are considered operating expenses2.
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ASQ Certified Manager of Quality/Organizational Excellence
ASQ Organizational Excellence Resources