"Cost Management" Describes

question 45

Multiple Choice

"Cost management" describes

• A)the actions by managers to increase value for customers while continuously reducing and controlling costs.
• B)the identification of excessive costs in the production process.
• C)the satisfaction of customers' needs.
• D)actions by managers to satisfy customers while maintaining current cost levels.
• E)ensuring all costs remains constant.

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Definitions:

Average Observed Time

The mean time recorded across multiple observations or instances of a specific task or process.

Labour Standards

Regulations and criteria relating to the treatment, pay, and conditions of work for employees.

Labour Content

The total amount of work or effort, measured in hours or costs, required to produce a good or service.

Staffing Needs

The requirements or demand for staff within an organization to perform necessary jobs and roles.