Cost Management Involves Long-Term and Short-Term Decisions That Attempt to Increase

question 42

True/False

Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.

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Definitions:

Unionization

The process of organizing the employees of a company into a labor union to negotiate wages, working conditions, and other employment terms.

Union-Management Negotiation

The process in which labor union representatives and company management discuss and agree on workplace conditions, wages, and policies.

Mediation

A form of alternative dispute resolution where a neutral third party helps disputants come to a consensus on their own.

Arbitration

A method of resolving disputes outside of court where an impartial third party delivers a conclusive judgement to settle a disagreement between parties.