Match the descriptions that follow with the corresponding terms.

Descriptions:

1. All activities associated with providing a product or performing a service.

2. A method of allocating overhead based on each product”s use of activities in making the product.

3. Systems implemented to reduce defects in finished products with the goal of achieving zero defects.

4. 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.

5. Inventory system in which goods are manufactured or purchased just as they are needed for use.

Terms:

a. Activity-based costing

b. Balanced scorecard

c. Just-in-time (JIT) inventory

d. Total quality management (TQM)

e. Value chain

Develop a forward-looking view, in order to advise and provide information to various members of the organization.

Understand current business trends and issues.