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A long established organization has recognised the need to make urgent changes to the way it operates in order to remain competitive. The organization wishes to dramatically improve its performance through a fundamental rethinking and radical redesign of its existing activities.

Which of the following techniques should be used to achieve this?

Options:

Functional analysis

Kaizen costing

Business process re-engineering

Process innovation

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Question 2

In order to remain competitive an organization wishes to achieve cost savings for one of its existing products.

Which of the following correctly describes methods which the organization can use to achieve these cost savings?

Select ALL that apply.

Options:

Functional analysis is carried out only on existing products and is concerned only with minimizing the cost of the originally defined functions of a product.

Value engineering is a fundamental rethinking and radical redesign of an organization's existing processes.

Target costing is continuously setting new stretch targets while the product is in production.

Value analysis is examining a product's costs in order to achieve its purpose at a reduced cost while maintaining its reliability and quality.

Kaizen costing is seeking to make cost savings by continuously making small incremental cost reductions while the product is in production.

Question 3

Using Porter's value chain, place the tokens to correctly categories the following activities of a manufacturing company.

Options:

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