Which of the Following Is Not a Step of Value-Engineering

question 76

Multiple Choice

Which of the following is not a step of value-engineering?

• A) Understanding customer requirements and value-added and non-value added costs
• B) Set a price using the market approach
• C) Anticipating how costs are locked in before they are incurred
• D) Using cross-functional teams to redesign products and process to reduce costs while meeting customer needs

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Definitions:

Profit-maximizing

A strategy or approach that aims to achieve the highest possible profit from business activities.

Marginal Revenue

The revenue increase from selling an additional good or service unit.

Competitive Price-searcher

A market condition where firms have some control over pricing because their products are differentiated, but they must still consider competitors' prices in their pricing strategy.

Retail Selling

The process of selling goods or services directly to consumers through various channels, such as stores, online platforms, or by phone.