Question: Three generic approaches to cost control include cost containment, which is an approach to min imize cost increases. cost avoidance, which means finding

Three generic approaches to cost control include

• cost containment, which is an approach to min¬ imize cost increases.

• cost avoidance, which means finding ways to avoid high cost inputs by substituting lower cost inputs.

• cost reduction, which involves finding alternative ways to execute operations to lower costs. LO.1

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