Chapter 11is titled "Strategic Cost Management" and includes the following topics:

• The impact of cost management on the supply chain
• Fundamental approaches to price management
• Reducing supplier costs of production and delivery
• The concept of the total cost of ownership or (TCO)
• Collaborative approaches to cost management

>INVESTOPEDIA:Many organizations and investors use the Purchasing Manager's Index (PMI) to understand where economies and markets are headed. INVESTOPEDIA provides a brief overview of the PMI in the following link on YouTube:https://www.youtube.com/watch?v=2uEIJSp0By4Links to an external site.

>Purchasing Manager's Index: August 2023 Manufacturing PMI can be found at the following link:https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/august/Links to an external site.

Please review the assigned materials before answering the questions below:

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1. Based on the PMI, please provide a summary of the manufacturing sector's outlook in the United States (1-2 paragraph. Which sectors are likely to do best in 2023? Why?
2. Based on overall inventory expectations reported in the PMI for the United States, is the total cost of ownership likely to increase or decrease for suppliers and manufacturers in 2023? Why?
3. Based on the August PMI report on manufacturing, how can collaborative inventory cost management for manufacturers in the United States be managed over the next year?
4. Please provide an insightful question about the Purchasing Manager's Index. Why is this an important question?