The systematic evaluation of value chain, to reduce costs and high quality, to achieve satisfied customers is known as __________?
Correct answer: B. value engineering
- A. reverse engineering
- B. value engineering
- C. target engineering
- D. operation engineering
Explanation
Value engineering systematically examines product functions and the value chain to remove unnecessary costs while preserving required quality and customer usefulness. Reverse engineering mainly studies a competitor’s product or process.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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