Match the descriptions that follow with the corresponding terms.
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Descriptions: |
Terms: |
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All activities associated with providing a product or service. |
a. Activity based costing |
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A method of allocating overhead based on each product’s use of activities in making the product. |
b. Balanced scorecard |
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Systems implemented to reduce defects in finished products with the goal of achieving zero defects. |
c. Just in time (JIT) inventory |
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A performance measurement approach that uses both financial and nonfinancial measures, tied to company objectives, to evaluate a company’s operations in an integrated fashion. |
d. Total quality management (TQM) |
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Inventory system in which goods are manufactured or purchased just as they are needed for use. |
e. Value chain |