In Order to Bring a New Product to Market Quickly

question 424

Multiple Choice

In order to bring a new product to market quickly while maximizing customer value and minimizing costs, a company should leverage:

• A) top performing suppliers in the areas of quality, cost, and availability.
• B) crowdsourcing for design capital requirements.
• C) e-commerce trading methods.
• D) concurrent engineering or participative design.

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Definitions:

Least Squares Regression

A statistical method used to determine a line of best fit by minimizing the sum of squares of the differences between observed and predicted values.

Cost Estimation

The process of predicting the amount of resources, especially financial, required to complete a project or product development within specified constraints.

Scatter Diagram

A graphical representation used to show the relationship between two variables, helping to identify potential correlations.

Relevant Range

The range of activity within which the assumptions made about cost behavior in cost-volume-profit analysis are valid.