Questions to be researched Define and give examples of the three elements of product cost and compute the unit cost of a product. Explain the role of activity-based systems in the management cycle. Define activity based management and discuss its relationship to the supply chain and value chain. Define the just in time operating philosophy and identify the elements of a JIT operating environment. Define cost behavior and explain how managers use this concept in the management cycle. Explain how variances are used to evaluate managers' performance. Explain how properly linked performance incentives and measures add value for all stakeholders in performance management and evaluation. Discuss performance measurement and state the issues that affect management's ability to measure performance