Managerial accounting has undergone many changes in recent years. Among these has been a shift in attention to service businesses and to improving practices to better serve the needs of managers. Please define the following terms $($each in a separate paragraph$)$:

The value chain $($value chain$).$

Just$-$in$-$time inventory $($JIT$).$

Total quality management $($Total quality management$).$

Activity$-$based costing.

Theory of constraints.

Balanced scorecard.

Zero$-$based budgeting.