A Method of Examining Processes to Identify and Eliminate or Reduce

question 19

Short Answer

A method of examining processes to identify and eliminate or reduce functions that add little customer value to products or services is referred to as __________________________________________________.

---

Definitions:

Gross Cost

Gross Cost refers to the total expense incurred before any deductions, such as discounts or rebates, providing a raw figure of the financial outlay for a purchase or project.

Commission

A fee paid for provided services, typically a percentage of the transaction value, often used in sales, brokerage, and real estate transactions.

Principals

Refers to the original sum of money borrowed in a loan, or put into an investment.

Gross Cost

Gross cost refers to the total cost of a product or service before any deductions, such as discounts or rebates, are applied.