Company invests considerable time and money to develop sophisticated cost functions that rate high on all evaluative
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Question:
Company invests considerable time and money to develop sophisticated cost functions that rate high on all evaluative criteria. In the course of using the cost functions, a manager notes that in several instances, the actual cost were different from the predicted costs, resulting in lower profits during one quarter of the year. The question of the value of the cost function is asked. Please provide some suggestions on how to respond to the manager.
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