Define key terms (Learning Objectives 5, 6)

Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

a. To account for uncertainty in the amounts of future costs and benefits, we com¬ pute the_by multiplying the probability of each outcome by the dollar value of that outcome.

b. To make a cost-benefit decision today, we must find the_of the costs and benefits that are incurred in the future.

c. The goal of_is to meet customers’ expectations by providing them with superior products and services by eliminating defects and waste throughout the value chain.

d. Most of the costs of adopting ERP and JIT, expanding into a foreign market, or improving quality are incurred in the_; but most of the benefits occur in the_.

e. _isthe time between buying raw materials and selling the finished products.

f. _serves the information needs of people in accounting as well as people in marketing and in the warehouse.
g. Firms adopt_to conduct business on the Internet.
h. Firms acquire the_certification to demonstrate their commitment to quality.

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E-commerce ERP Expected value Future Future value Shift to service economy JIT Throughput time Present TQM Present value ISO 9001:2000