Examlex
What are the seven principles of reengineering improvements,as outlined by Michael Hammer?
Variable Input
An input in the production process that can be adjusted in the short run to change the level of output, such as labor hours or raw materials.
Marginal Cost
The investment required to manufacture one more unit of a product or service.
Diminishing Marginal Returns
A principle stating that as one factor of production increases, while others stay constant, the additional output will eventually decline.
Marginal Cost
The expansion in total financial commitment from producing one extra unit of a product or service.
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