(Information and cost management) The price of a product or service is a function of the total costs of producing that product or service. In turn, the total cost of producing a product or service is a function of the aggregate of costs incurred throughout the supply chain.

Higher education is one industry that has been characterized by rapidly rising costs and rapidly rising prices. Study the supply chain of your college or university and prepare a table identifying specific ways in which an im¬ proved system of communications with suppliers and customers could result in specific cost savings for the institution, its suppliers, or its customers (stu¬ dents). Organize your table in three columns as follows.LO.1  

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Specific Information to Be Obtained Information Source Specific Cost to Be Reduced