quality of its valves. Over the year‚ the company has extended their product range to pumps and flow controllers. The main learning outcome from analyzing the case study is manufacturing overhead cost allocation. Exhibit 2 in the case study shows pumps has a highest manufacturing overhead cost compare to valves and flow controller. The common overhead cost drivers in the production are machine hours‚ production runs and hours of engineering work. The key issue in this case study is the gross margin
Premium Manufacturing Cost Industry
Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages‚ rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business
Premium Economics Costs Microeconomics
Cost Benefit Analysis Developing and installing a new IT system is an investment and can help the business create profit. Carrying out a cost benefit analysis helps to give management an idea of the costs of the new system‚ its benefits and risks. Each phase of the development/implementation has a cost and when analysing the new system you should take into account the cost of: • Personnel • Equipment • Supplies • Overheads • Consultant’s Fees Some costs are a one time charge eg Development
Premium Cost Cost-benefit analysis Costs
Define cost object and give three examples Cost object is defined as “Anything for which a separate measurement of cost is desired”. The term cost object and cost objective is synonymous. Cost object may refer to a process‚ a cost centre‚ and cost units. Cost unit is a quantitative unit of product or service in relation to which cost are ascertained. Cost centre is a location‚ function or item of equipment in respect of which cost are ascertained. 2. Define cost accumulation
Premium Costs Management accounting
more effectively and support the decentralization of emergency operations. Another important benefit is a more efficient management of all 8‚000 non-staff human resource employees (NSHR). For the success of the project PRINCE2 (PRINCE2[1]) Process Model has been adopted as shown below Figure2 and than translated in the project vertical chain shown in Figure3. Figure2 TCE literature Transaction cost economics (TCE) theory become popular during the 80s and 90s‚ however its
Premium Contract Transaction cost Cost
System Requirement Specification Functional Requirements • Authorization Levels - For each of everyone have their specific authorization of using this system. Example like admin have the authorization of changing or update the system database and staff have an authorization of input data and receive an output form the system. We have authorization levels because they are some people have authorization to enter further in the system. • External Interfaces - We provide an easier interfaces for staff
Premium Management Employment Customer
often use a woman’s emotional state as an advantage to make her feel misunderstood. According to Deborah Tannen she says “Had she realized he was going criticize her and not ask her to reciprocate‚ she would never have asked in the first place.’’(367) when women are in an emotional state of mind we tend to miscommunicate which causes us to be misunderstood. There are plenty of ways to make conversation but miscommunication is often perceived. Women often come off as being too passive because a woman
Premium Feeling Psychology Emotion
(McClave‚ Benson‚ & Sincich‚ 2011). Hypotheses test help to solve problems because is sets a level of certainty. An example would be when a piece of equipment on a production line needs to be repaired. The expected value of the number of movements it is to make in an hour would be the relevant variable‚ the actual values can be sampled‚ the information can then be used for the mean‚ the standard deviation and sample size will determine the probability of differences. If the probability is higher than
Premium Statistics Null hypothesis Parametric statistics
practice Midterm Exam from Doc Sharing to access questions and topics for review. For multiple-choice questions‚ please explain why the answer chosen is correct‚ and why the other choices would not be correct. Please support your response. Let’s begin with the questions on Page 1. Page 1 1. Indirect labor is a part of: B. Conversion cost. Labor that cannot be physically traced to particular product is treated as indirect labor and as manufacturing overhead. Conversion cost is the sum of direct
Premium Costs Variable cost Management accounting
network for these facilities. The Student computers are to be on a separate network from the staff computers. The facility will share one Internet connection (T-1 link from Verizon). With a T-1 link the network will be able to function with the speed of 1.544 mbps over 24 channels each running 64 kbps (Labsim). Security is always a big concern and has been taken into consideration. Additional considerations for each floor/classroom/lab/office include printing capabilities and the WiFi (Wireless Access)
Premium IP address