In value chain analysis, coordination, acquiring and assembling of resources to produce a product is classified as production. Value chain analysis is a strategy tool used to analyze internal firm activities. Its goal is to recognize, which activities are the most valuable (i.e. are the source of cost or differentiation advantage) to the firm and which ones could be improved to provide competitive advantage.
Examining of past performance, exploring alternative and planning future is
Examining of past performance, exploring alternative and planning future is learning. Learning is the process of acquiring new, or modifying existing, knowledge, behaviors, skills, values, or preferences.
Time that a company takes to create and produce a new product is classified as
Purpose of management accounting is to help managers make decisions. Management accounting helps organizations improve their ability to control costs and plan for the future through financial forecasts. It also focuses on providing reports to ensure comprehensive management oversight.
An accounting approach, in which expected benefits exceed expected cost is classified as
An accounting approach, in which expected benefits exceed expected cost is classified as cost-benefit approach. A cost-benefit analysis is a process businesses use to analyze decisions. The business or analyst sums the benefits of a situation or action and then subtracts the costs associated with taking that action.