Lean management has been developed with the intention of reducing ________________ and maximizing the value of the product or the service to the customer.

Related MCQs

• Systematic evaluation of the trade-offs between product functionality and product cost while still satisfying customer needs is the definition of
• ________________ is an important part of lean thinking.
• Assume that a company produces two products in a manufacturing plant. One is a low volume specialty product that is produced on a demand pull basis, while the other is a high volume product that is produced on a push basis for inventory. A production volume based cost allocation system would tend to
• The direct material costing Rs. 4000 has been used in mixing department. The correct journal entry would be
• Backflush costing is an accounting method that records costs after a good is sold or a service is ___________.
• Target costing is a ___________ costing methodology, in which the selling price and the required profit margin are used to determine the allowable cost for manufacturing a new/existing product.
• Painting the product would be an example of which activity level groups
• Which of the following types of characteristics tend to cause too little overhead costs to be charged to the product using traditional cost allocations?
• ______________ is introduced as a technique that aims to manage product costs throughout the design stage.
• During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted to 100,000 and opening inventory was 34,000. The value of closing inventory was?