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Overseeing all of the activities involved in producing goods and services Designing machines to do multiple tasks Tailoring products to meet the needs of a large number of customers Using technology and robotic units to assist with plant operations Short production runs and the machines being adjusted frequently Question 16.16. (TCO 7) A common reason that companies fail is (Points : 5) underspecialization. an excellent control of cash flow. a lack of adequate sales revenue. an inadequate control of expenses. an inadequate managerial expertise. Question 17.17. (TCO 7) What are the three interrelated reports required by law for all publically traded companies that act as vital management tools for all companies, big and small? (Points : 5) Ledger, operating budget, balance sheet Journal, adjusted trial balance, income statement Balance sheet, income statement, statement of cash flows Expense report, balance sheet, capital budget