Cost Management: A Strategic Emphasis 5th Edition by David Stout, Edward Blocher, Gary Cokins

Exercise 18

Identify the effects that new technologies such as JIT, flexible manufacturing systems, and TQM have on standard cost systems.

Step 1 of 2

The managers and the top management of the firm aim in developing procedures that will reduce the unwanted cost and make the operation an effective one. More the cost incurred to complete the task lesser will be the profitability. Industries use new technologies to control the cost and ensure effective utilization of resources.