A TERM PAPER ON THE RECOGNITION OF OPPORTUNITY COST AND RELEVANT COST: A TOOL FOR EFFECTIVE BUSINESS DECISION MAKING BY IWUCHUKWU UCHENNA IWUAKU O9AA08549 ACCOUNTING 300L LECTURER: MRS OBIGBEMI INTRODUCTION The role of opportunity cost and relevant cost cannot be overemphasized in the making effective decision making. They work hand in hand in making sure that the company makes the best economic decision‚ they are both used in making managerial decisions at every level of planning and
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Cost Management or Cost Control In broad sense‚ both the terms have the same meaning. Yet cost management seems to connote broader perspective. Cost control to an un-initiated may mean cutting down the incurrence of cost or expenditure every time or in every situation. In reality it is not always so. In many specific situations‚ many times‚ one has to spend or incur cost in order to gain or make more money. It is in fact like an investment. Cost management sounds better then. Profits Making
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Cost Control of Projects: An Introduction to Earned Value Analysis Abstract Earned value analysis is a method of performance measurement. Many project managers manage their project performance by comparing planned to actual results. With this method‚ one could easily be on time but overspend according to the plan. A better method is earned value because it integrates cost‚ schedule and scope and can be used to forecast future performance and project completion dates. It is an “early warning”
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manufacturer‚ estimated the firm’s short-run cost function for vacuum cleaners using an average variable cost function of the form. AVC= a + bQ+ cQ^2 (the 2 is suppose to be exponent) Where AVC=dollars per vacuum cleaner and Q=number of vacuum cleaners produced each month. Total fixed cost each month is $180‚000. The following results were obtained: Dependent Variable:AVC R-Square F-Ratio P-Value on F Observations:19
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How does Shakespeare present Macbeth and Lady Macbeth in Act 1? In Act one Shakespeare introduces the characters Macbeth and Lady Macbeth using a range of dramatic devices. At the start of the play Macbeth is introduced from two different perspectives. He is firstly introduced by the three witches whom are discussing a meeting with him ‘There to meet with Macbeth’. This scene would create immense tension for the audience as the presence of the witches in the play would indicate a series of evil
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products. Chuck questioned if the current cost-management system was providing the management with accurate data about product costs. In a traditional‚ volume-based product-costing system‚ only a single predetermine overhead rate is used. All manufacturing-overhead costs are combined into one cost pool‚ a grouping of individual indirect cost items‚ and they are applied to products on the basis of a single variable that costs over a given time span (cost driver) that is closely related to production
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time in English history. The reign of Queen Elizabeth I (1558-1603) saw England emerge as the leading naval and commercial power of the Western world. European wars brought an influx of continental refugees into England‚ exposing the Englishman to new cultures. In trade‚ might‚ and art‚ England established an envious preeminence. At this time‚ London was the heart of England‚ reflecting all the vibrant qualities of the Elizabethan Age. This atmosphere made London a leading center of culture as well
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How does Steinbeck present the character Crooks in Of Mice and Men? To what extent do you sympathise with him as a character? Steinbeck represents the character‚ Crooks‚ by showing the effects of discrimination. He is referred to as the ‘black’ stable buck and is named Crooks‚ due to the crook in his back‚ which was a result of being kicked in the back by a horse. The character is shown as reasonably literate‚ due to the possession of his books‚ which he uses as compensation to his loneliness. The
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Business (UKM-GSB-LHDN) Cost Classification: Government Agency PROBLEM 2-56 The Department of Natural Resources is responsible for maintaining the state’s parks and forest lands‚ stocking the lakes and rivers with fish‚ and generally overseeing the protection of the environment. Several cost incurred by the agency are listed below. For each cost‚ indicate which of the following classifications best describe the cost. More than one classification may apply to the same cost item. The Answers
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Business Research Terms and Concepts: Part 2 SGT Jose M Rincon RES 351 7/25/2013 Facilitator: Kenneth Miller Understanding Business Research Terms and Concepts: Part 2 Which type of research design— exploratory‚ descriptive‚ or causal—is appropriate for the following examples? Explain why. A manufacturer investigates whether consumers will buy a new pill th * The goal of this research is to discover the real nature of the problem and to suggest new possible solutions or new ideas.
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