The approach to cost management that calls for setting cost reduction goals across numerous stages such as product introduction,growth,maturity,and decline is:
A)life cycle cost management.
B)total quality management.
C)target costing.
D)just-in-time inventory.

Question

Quizplus · Accepted Answer

The approach described in the question is known as life cycle cost management, which involves setting cost reduction goals at different stages of a product's life cycle. Total quality management focuses on improving product quality, not necessarily reducing costs. Target costing involves setting cost targets before a product is introduced. Just-in-time inventory is a method of reducing inventory costs by only ordering and receiving goods as they are needed in production.

The Approach to Cost Management That Calls for Setting Cost