Activity-Based Costing – A costing method that assigns costs to products based on the activities required to produce them, providing a more accurate reflection of the costs incurred.

A specific plan indicating the sizes of samples to be used and the criteria for accepting or rejecting a lot based on those samples.

An inventory management approach that prioritizes products based on their classification in the ABC analysis, focusing more resources on the most valuable items.

A method of inventory valuation where both variable and a portion of fixed costs are assigned to each unit of production. Fixed costs are typically allocated based on labor hours, machine hours, or material costs.