They also saw a slight improvement at companies accused of accounting fraud, which they said might be attributed to a well-documented pattern of cost-cutting and asset sales at once-highflying companies that played with the books to keep their abnormal growth rates going.

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From there, he worked in one of Puritan's factories with pattern makers and sewers, and he also learned the art of cost estimation.

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It was he who coined the procurement mantra FIST (Fast, Inexpensive, Simple and Tiny) to "describe a particular pattern of decision making in procurement that aims to support rapid, low cost innovation".

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