ABNORMAL RETURNS is the difference between the actual return and that is expected to result from market movements (normal return).
STRATEGIC COST MANAGEMENT is the overall recognition of the cost relationships among the activities in the value chain, and the process of managing those cost relationships to a firm's advantage. Also known as Cost Management Theory.
NORMAL SPOILAGE consists of defective units that arise as part of regular operations. If normal spoilage arises from the requirements of a specific job, the cost of the spoiled units is charged to the job.
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