"Contemporary management accounting systems also include various tools and techniques that provide information for cost management." (Langfield-Smith, Thorne, and Hilton, 2012: 736).

REQUIRED

For each of the following cost management tools, briefly explain how it can be used to manage cost. (Give three points for each of the tools)

Activity-based management

Business process re-engineering

Life cycle costing

Target costing

Managing throughput (Theory of constraint)