2.1.2 Hugh Taylor, the newly appointed clerical assistant, thinks that the current cost of the calculator and its existing capabilities is not appropriate to achieve the target cost. Explain to Mr Taylor and the management how the company could apply the principles of product life cycle management and value engineering to achieve the target cost. (10 marks) [Word limit: 150 words. Note the word count at the end of your answer] Your Answer (expand the space as required): Word counts