Chain (restaurant) - An operation in which multiple restaurants share the same name and operating systems., Continuous quality improvement (CQI) - Ongoing efforts to better meet or exceed customers’ expectations and thus achieve the financial goals of an operation., Law of supply and demand - Economic belief about the supply of an item and its price relative to its demand: as the price increases, the demand decreases; as the price goes down, the demand increases., Negative variance - A variance in which actual performance is less than the budgeted performance., Positive variance - A variance in which actual performance is greater than the budgeted performance., Significant variance - A variance above a certain dollar amount, which should be investigated by managers.,

Chapter 9

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