GDP measures the monetary value of final goods and servicesâthat is, those that are bought by the final userâproduced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Product audit â An examination of a particular product or service (hardware, processed material, software) to evaluate whether it conforms to requirements (that is, specifications, performance standards, and customer requirements). Process audit â A verification that processes are working within established limits.
A product audit -- often referred to as a quality audit -- is an inspection of a final product before delivering it to a supplier or a customer. Any company, including small businesses, should conduct regular product audits, as they help improve quality, increase profitability and enhance customer satisfaction and loyalty.