Using an equation to represent this is dishonest. It assumes linearity and proportionality between variables which may not be the case. Also none of the terms are really measurable. You might as well write statements instead.

I mean try defining waste and quality.

Fundamentally, and to use a non-mathematical term appropriately in context, it is a load of bollocks. It is used to make simple ideas look like they are rigorously defined to people without the tools to interpret them. And that is dishonest.

As for inappropriate statistical methods, survey companies are a breeding ground for providing tools which the results of are not interpreted with any statistical rigour or language.

Source: annoyed mathematician.