Operational Excellence Is Achieved By

question 110

Multiple Choice

Operational excellence is achieved by:

• A)having excellent supply chain management.
• B)maintaining excellent customer service.
• C)having products with high perceived value.
• D)focusing on retaining loyal customers.
• E)having a good physical location and Internet presence.

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Definitions:

Cost of Goods Sold

The immediate expenses linked to the creation of products sold by a business, encompassing costs for materials, workforce, and operational overheads.

Cost of Goods Available

The total cost of inventory available for sale during a specific period, calculated as the sum of beginning inventory and purchases minus ending inventory.

FIFO

"First In, First Out," an inventory valuation method that assumes the first items placed in inventory are the first sold.

LIFO

Last In, First Out, an inventory valuation method where the latest items added to inventory are the first to be sold.