Economics is the study of answering the scarcity problem. Everyone faces scarcity as no resources are infinite. Since no resources are infinite we must be efficient in allocating them. Every allocation has an oppertunity cost. If you produce microwaves you produce less computers. Since we can assume consumption provides utility‚ we must allocate the resources to yield the greatest utility. This is called allocative efficiency Key terms are Utility scarcity allocative efficiency oppertunity
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project schedule for the Huntsville plant project has been already done and completed. The resources and duration are properly assigned to the specific tasks/ activities. This section of the report will discuss the outcome of the project schedule and allocation of the resources used in the project. The Gantt chat in the Microsoft project shows each activity and estimated duration as when it will be completed. The Gantt chat also reveals that the estimated completion time for the entire project
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1. Predetermined overhead is a method of applying overhead to the products under job order costing system. In this method we estimate the overhead and estimate a base and calculate the predetermined rate as Estimated overhead/estimated base. Based on the usage of base‚ the overhead is applied to products. 2. The advantage is simplicity‚ the cost of each print is know and so overhead can easily be applied. The disadvantage is that the cost of print may not be a correct cost driver. As we have seen
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requirements sections that must be included in developing a performance architecture plan. Identify the appropriate performance mechanisms and architectural considerations that should be included in developing each section of the plan. How does resource allocation affect quality of service? Describe the role of the vendor in ensuring that the final architecture meets the plan specifications. What documents are required when using an outside vendor? Format your paper consistent with APA guidelines. A minimum
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resources are limited. Health care leaders are faced with numerous administrative issues regarding patient privacy‚ research‚ confidentiality‚ and terminal illness. Much debate has surrounded medical spending on the terminally ill‚ such as the cost and allocation of resources toward end-of-life care. Choosing between prolonged life and quality of life are two difficult decisions to make. Nonetheless‚ it is difficult to base one’s opinion until cancer has taken over one’s life. A close look at administrative
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Snorkelers‚ Scuba Divers‚ and Free Divers. The ultimate goal for any manager is to be a Free Diver in order to make an impact within the company. The ten strategic thinking skills are Strategy‚ Insight‚ Context‚ Competitive Advantage‚ Value‚ Resource Allocation‚ Modeling‚ Innovation‚ Purpose‚ and Mental Agility. Horwath emphasizes that strategy is not aspiration‚ best practices‚ and caution. “By focusing on one of the value discipline- product leadership‚ operational excellence‚ or customer intimacy-
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Capital Asset Pricing Model (CAPM) Versus the Discounted Cash Flows Method Managerial Analysis/BUSN 602 Capital asset pricing model or CAPM is a financial model that measures the risk premium inherent in equity investments like common stocks while Discounted Cash Flow or DCF compares the cost of an investment with the present value of future cash flows generated by the investment with the mindset being that if the cash flow is positive‚ then the investment is good. Generally speaking‚ CAPM is
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The Importance of Intangible Assets Evaluation of Transitional Issues from a Canadian Standpoint Contents Topic Page 1. Executive Summary 3 2. Report I. The Trade-off Between Relevance and Reliability 4 II. "Nothings" are Something to Consider 5 III. Current Practice in Canada 5 IV. The Challenge of Valuation 6 V. Analysis of Potential Improvements to Canadian Standards 7 Issue One - Valuation  Valuation and
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KAI uses an inappropriate volume- based cost allocation method that causes inefficient resource allocation‚ disincentive among employees and weaker financial performance. To improve the existing method‚ Senior Management should consider reviewing the current situation to identify the problems‚ followed by adopting an alternative cost allocation method. The current revenue-based cost allocation method causes inefficient resource allocation‚ resulting in excess overhead costs. It lacks consideration
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that cost objects consume resources whereas in ABC it is assumed that cost objects consume activities. 2. Traditional cost accounting mostly utilizes volume related allocation bases while ABC uses drivers at various levels. 3. Traditional cost accounting is structure-oriented whereas ABC is process-oriented. Step 1. Cost allocation resources In order to calculate the cost of resources ‚ it is recommended first to determine the structure of
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