The Term "Reengineering" Evolved Just as the Basic Intent of the Process

question 3

Multiple Choice

The term "reengineering" evolved just as the basic intent of the process has itself evolved, that expressed intent being:

• A) The reduction of the total number of employees in the organization.
• B) To decrease costs, increase revenues, or improving operating efficiency by getting greater results from the same or less resources.
• C) To remove layers of management from the structure and operate with fewer managers.
• D) To study and refine the methods and procedures presently utilized.

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Definitions:

Weighted-Average Method

This method calculates inventory and cost of goods sold values by averaging the costs of all goods available for sale, weighting them according to their quantities.

Labour and Overhead

Combined costs associated with the workforce (labour) and indirect expenses (overhead) necessary for production but not directly tied to specific units of product.

Process Costing System

An accounting method used where production is continuous, assigning costs to units of product based on the processes they undergo.

Weighted-Average Method

An inventory costing method that calculates the cost of ending inventory and cost of goods sold based on the average cost of all similar items in the inventory.