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Effective cost modelling involves which of the following?
Data gathering
Analysis of facts
Supplier negotiation
Issuing a request for quotation
Suggested Answer: A
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Comprehensive and Detailed
Effective cost modelling is a process that helps in understanding the cost structure of a product or service. It involves:
Data gathering:Collecting relevant data related to materials, labor, overheads, and other cost drivers.
Analysis of facts:Evaluating the collected data to understand cost behaviors and identify areas for cost reduction.
Supplier negotiation and issuing a request for quotation are subsequent steps that may utilize the insights gained from cost modelling but are not part of the modelling process itself.
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27 comments · newest first
WI
Wilson
2 days ago
I think it's A. Data and analysis are key.
AN
Angelica
7 days ago
B makes sense. Negotiating can lower costs significantly.
JA
Jacob
12 days ago
I agree with A. Without data, you can't analyze effectively.
SA
Sarah
17 days ago
D could work, but I feel data gathering is more important.
MA
Maybelle
23 days ago
C seems right. Analyzing facts is essential for cost modeling.
TO
Tony
28 days ago
I lean towards B. Supplier negotiation is crucial too.
TA
Tasia
1 month ago
I think it's A. Data gathering and analysis are key.
RO
Rosina
1 month ago
D could work too, especially if you focus on facts and quotes.
EL
Elli
1 month ago
I feel like B makes sense. Negotiation helps but isn't always needed.
TU
Tula
2 months ago
But what about supplier negotiation? That’s important too!
TO
Tonja
2 months ago
I lean towards A. Both data and analysis matter.
WI
Willow
2 months ago
Definitely! Analysis of facts is also key.
AL
Altha
2 months ago
I think data gathering is crucial.
ME
Meaghan
2 months ago
It's all about data and supplier talks, for sure!
CH
Charlesetta
2 months ago
I disagree, analysis alone isn't enough without negotiation.
MA
Matilda
3 months ago
Surprised that issuing a request for quotation isn't included in more options.
VA
Van
3 months ago
I think supplier negotiation is key too!
WI
Willard
3 months ago
Definitely involves data gathering and analysis of facts.
SH
Shelba
3 months ago
Not sure if analysis alone is enough without negotiation.
AL
Alishia
3 months ago
Surprised that some options don’t include all four!
GR
Gracia
4 months ago
Issuing a request for quotation is also part of it.
ME
Merlyn
4 months ago
I think supplier negotiation is key too.
JE
Jenelle
4 months ago
Definitely involves data gathering and analysis!
NU
Nu
4 months ago
I’m a bit confused about the role of supplier negotiation in this context. I thought it was more about the analysis and data gathering, like in option A.
JE
Jesus
4 months ago
I feel like we practiced a question similar to this, and it emphasized the importance of issuing requests for quotations. Maybe that relates to option D?
VI
Viva
4 months ago
I think option A makes sense because it focuses on data and analysis, which are foundational steps. I just can't recall if negotiation is part of the model.
XU
Xuan
6 months ago
I remember we discussed that data gathering and analysis of facts are crucial for effective cost modelling, but I'm not sure if supplier negotiation is also included.