Strategic Cost Management Is

question 55

Multiple Choice

Strategic cost management is:

• A) the process of determining cost drivers.
• B) the recognition of the importance of cost relationships among the activities in the value chain.
• C) the process of managing cost relationships to the firm's advantage.
• D) two of the other answers are correct.

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Definitions:

Free Trade

An economic strategy permitting the free movement of goods in and out of countries without the imposition of tariffs, quotas, or any form of restrictions.

Virtues

Qualities or traits that are deemed to be morally good and thus is valued as a foundation of good moral being.

Infant-Industry Argument

A justification for protectionist policies that asserts new industries need to be shielded from international competition until they are mature and competitive enough.

Implementation

refers to the process of executing a plan, project, or method to completion.