Chapter 8

Question 1

This is a management approach that aims to improve product quality by reducing and eliminating errors

Answer 1

Total Quality management

Question 2

is about proactively managing and controlling cost in a way that supports an organizations broader strategic obejctives

Answer 2

Strategic Cost Management

Question 3

4 inclusions for quality cost what are those 4?

Answer 3

Prevention cost
appraisal/inspection cost
Internal Failure Cost
External failure Cost

Question 4

J I T Stands for?

Answer 4

Just in Time

Question 5

this is applied to restructure the organizational process that is brought about by rapidly changing technology and todays competitive economy

Answer 5

Business Process Reengineering

Question 6

Is the japanese term for improvement and it is used in business to mean continuous improvement or slow but constant incremental improvements being made in all areas of business operations

Answer 6

Kaizen

Question 7

this comprehensive approach views the products life cycle as its value chain. companies analyze production cost over the entire lifespan.

Answer 7

Product life Cycle Costing

Question 8

what are the stages in the product life cycle?

Answer 8

Introduction stage
growth stage
maturity stage
decline Stage

Question 9

This is a proactive approach to cost management that managers can sue to determine what cost should be for the company to earn an acceptable profit across a products life cycle.

Answer 9

Target Costing.