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8 Cards in this Set
- Front
- Back
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Front (Term) Relevant Costs |
Future costs that differ between and among decision alternatives. |
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Opportunity Costs |
The benefit lost when the chosen option precludes the benefits from an alternative option. |
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Value Stream |
Consists of all the activities required to create customer value for a family of products or services. |
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Joint Production Process |
One in which multiple output puts arise, naturally, from a common resource input. |
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Split-off Point |
The point in the production process where products with individual identities emerge. |
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Joint Production Costs |
Those incurred prior to the split-off point; they are common (i.e., indirect) costs. |
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Separable Processing Costs |
Those incurred after the split-off point and are therefore traceable to individual products. |
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Predatory Pricing |
Exists when a company has set prices below average variable costs and plans to raise prices later to recover the losses from the lower prices. |
