Strategic Management and Cost Management Quiz
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Questions and Answers

What is strategic management?

  • The management of public goods by governmental units
  • The development of a sustainable competitive position (correct)
  • The accounting practice of cost management
  • The process of setting business policies and procedures

    • What does cost management information support?

  • Recurring decisions like equipment replacement and cash flow management (correct)
  • One-time decisions like product introduction and market removal
  • Strategic positioning decisions for profit organizations
  • Public goods provision by charities

    • What is the product life cycle expected to become?

  • Longer and longer
  • More predictable
  • Irrelevant in the market
  • Shorter and shorter (correct)

    • What are public goods?

    <p>Resources provided by governmental units or charities</p> Signup and view all the answers

    What is the primary function of cost management information?

    <p>To effectively manage the firm, profit-oriented as well as not-for-profit organizations</p> Signup and view all the answers

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