An Effective Cost Control System Should Include

question 50

Multiple Choice

An effective cost control system should include:

• A)An established plan of objectives and goals to be achieved.
• B)Regular reports showing the difference between goals and actual performance.
• C)Specific assignment of duties and responsibilities.
• D)All of these are correct.

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Definitions:

Payoff Matrix

A table that shows the potential outcomes and payoffs resulting from different decisions or strategies in a strategic game.

Dominant Strategy

Within game theory, a strategy considered optimal for a participant in a game, irrespective of the strategies opted by competitors.

Low Price

Refers to the condition where the cost of a good or service is lower than usual, making it more affordable to consumers.

Payoff Matrix

A table that describes the possible outcomes or payoffs in a strategic decision-making situation, typically used in game theory.