The process of managing the various activities in the value chain, along with the associated costs, is commonly known as:

Question

Quizplus · Accepted Answer

The process of managing the various activities in the value chain, along with the associated costs, is commonly known as strategic cost management. It involves identifying and analyzing each activity in the value chain, determining its cost, and implementing strategies to reduce costs while maintaining or improving the quality of the goods or services provided. Activity-based costing, total quality management, and computer-integrated costing are all related concepts, but they do not fully encompass the process of managing the activities and costs in the value chain like strategic cost management does. Sound management practices are necessary but not specific enough to address this process.

The Process of Managing the Various Activities in the Value