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Briefly explain expectancy theory.
Activity Decreases
Reductions in the volume or intensity of activities, often leading to lower costs or changes in operational strategies.
Cost Estimation
The process of predicting the amount of resources, especially money, time, and labor, necessary to complete a project or produce a product.
Strong Correlation
A statistical relationship between two variables where a change in one is strongly associated with a change in the other.
Production Driven
Production driven refers to a business approach that prioritizes the efficiency and volume of production, often at the expense of other factors such as customer demand or innovation.
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