The Approach to Cost Reduction That Studies Whether Components Can

question 146

Multiple Choice

The approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance is termed as ________.

• A) maintenance, repair, and operating (MRO)
• B) product value analysis (PVA)
• C) vendor managed inventories (VMI)
• D) supplier performance management (SPM)
• E) supplier added value effort (SAVE)

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Definitions:

Quadruple Bottom Line

A measure of company performance covering results in terms of economic, social, environmental, and cultural factors.

Company Performance

A measure of how well a company achieves its objectives, often assessed through financial, operational, and strategic metrics.

Economic

Pertaining to the production, distribution, and use of income, wealth, and commodities, focusing on the behaviors and decisions that influence an economy.

Corporate Sustainability Forum

A platform for businesses to discuss strategies, challenges, and best practices for achieving long-term economic, social, and environmental sustainability.