Gillian Has Been Asked to Plan and Control All of the Activities

question 110

Multiple Choice

Gillian has been asked to plan and control all of the activities involved in ensuring that the organization can determine the demands of the clients.Which one of the following terms refers to this activity?

• A)customer relationship management
• B)inventory management
• C)demand planning
• D)supply chain management

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Definitions:

Differential Costs

The difference in total costs between two alternatives, helping in decision-making processes where alternatives are being considered.

Sunk Costs

Costs that have already been incurred and cannot be recovered or altered by future actions.

Sunk Cost

Refers to money that has already been spent and cannot be recovered, which should not influence future business decisions.

Standard Cost Formula

A predetermined cost of manufacturing a single unit or a number of product units during a specific period under normal conditions, used for budgeting and cost control.