Which Three Approaches to Management Are Considered Historical Perspectives

question 21

Multiple Choice

Which three approaches to management are considered historical perspectives?

• A) systems, contingency, quality management
• B) classical, scientific, quantitative
• C) classical, operations, scientific
• D) contemporary, historical, scientific
• E) classical, behavioral, quantitative

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Definitions:

Holding Costs

Expenses incurred to store and maintain inventory over a period, including warehousing, insurance, and spoilage costs.

Product Costs

The total expenses incurred in creating a product, including direct materials, direct labor, and manufacturing overhead.

Carrying Cost

The total cost of holding inventory, including storage, handling, insurance, and opportunity costs, among others.

EOQ

The calculation used by businesses to find the ideal number of units to order that minimizes the overall costs related to inventory, including storage and ordering costs.