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1.Management by exception is a management strategy in which managers will only step in when there are significant deviations from planned outcomes.

2.Life cycle cost is the allowable amount of cost that can be incurred on a product and still earn the desired profit from that product.

3.Product differentiation refers to the belief of the customers that a product is unique.

4.Marketing, labor relations, and human resource are examples of staff authority.

5. Organizations vision is the general expression of its overall purpose.

6. Competitive advantage can be best described as increased efficiency.

7. Speed-to-market is how long it takes a business to take a product idea, develop it and have it in consumers' hands.

8.Strategic cost management is the identification of strategies to develop a competitive advantage.

9. Strategic management involves the planning, directing, organizing, and controlling of a companys strategy-related decisions and actions.

10.Target costing is a process of economic analysis to assess the life cycle cost of a product over its life cycle or a portion thereof.

11.Value activities are the activities that firms in the industry must perform in the process of taking raw material and converting it into final product.

12.The highest amount a firm can charge for its product is most directly affected by variable costs of production but not by the cost of substitute products.

13. The most appealing concept behind theory of constraint it makes the top priority is eliminating the current constraint and forces intense focus on progress toward the objectives.

14. Treasurer is responsible for accounting duties and activities.

15. Total quality management is a philosophy of continual effort to improve quality and achieve customer satisfaction

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