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Why would holding a pencil in your front teeth (vs. with your lips) make you feel happy?
Supply Management
The practice of managing the supply chain activities and relationships to achieve competitive advantage and optimize cost.
Life Cycle Costing
The total cost of ownership of a product or system over its entire lifespan.
Operating Costs
Expenses associated with the day-to-day functions of a business.
Target Costing
A pricing strategy where the selling price of a product is determined first based on market conditions, and then the product is designed in such a way that the cost of manufacturing the product does not exceed this target price.
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