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Standard Costing System
An accounting method that applies predetermined costs to measure the cost of goods sold and performance.
Continuous Improvement
An ongoing effort to improve products, services, or processes by making incremental improvements over time or breakthrough improvements all at once.
Process Perspective
An approach to management that focuses on the optimization and improvement of business processes to achieve better performance and outcomes.
Budgeted Costs
Projected expenses for a specified period under budgetary control, guiding spending and financial planning.
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