The Approaches and Activities of Managers in Short-Run and Long-Run

question 164

Multiple Choice

The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as

• A)value chain management.
• B)enterprise resource planning.
• C)cost management.
• D)customer value management.
• E)management information system.

---

Definitions:

Cost Elements

Cost Elements are the various types of expenses incurred in the production of goods or services, including materials, labor, and overhead.

Manufacturing

The process of producing goods from raw materials through the use of machinery and labor.

Managerial Functions

Core responsibilities of managers within an organization, including planning, organizing, leading, and controlling.

Alternative Courses

involve different strategies or avenues a business or individual might consider when making decisions to achieve specific goals.