THE MANAGEMENT OF OVERHEAD COSTS IN CONSTRUCTION COMPANIES Brian Eksteen1 and David Rosenberg² ¹Professor of Construction Management‚ Faculty of Economic and Building Sciences‚ University of Port Elizabeth‚ P.O. Box 1600‚ Port Elizabeth‚ 6000‚ South Africa ²Senior Lecturer in Cost and Management Accounting‚ Faculty of Economic and Building Sciences‚ University of Port Elizabeth‚ P.O. Box 1600‚ Port Elizabeth‚ 6000‚ South Africa Costs not directly attributable to or recoverable from production
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Apa sih opportunity cost? Untuk yang pernah belajar ekonomi pasti kenal baik dengan istilah ini‚ tapi buat yang lain‚ opportunity cost is : "...the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity)‚ or the most valuable foregone alternative." (Dictionary.LaborLawTalk.com) Kalau diterjemahkan adalah suatu biaya dari hilangnya suatu kesempatan dalam menggunakan sumber daya tertentu. Kalau kita melihat waktu sebagai sumber daya
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Classification of Cost Cost may be classified into different categories depending upon the purpose of classification. Some of the important categories in which the costs are classified are as follows: 1. Fixed‚ Variable and Semi-Variable Costs The cost which varies directly in proportion with every increase or decrease in the volume of output or production is known as variable cost. Some of its examples are as follows: • Wages of laborers • Cost of direct material • Power The cost which does
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opportunity cost of a choice is the value of the best alternative forgone‚ in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made‚ it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen". Opportunity cost is a key
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manufacturing cost categories. LO2 Distinguish between product costs and period costs and give examples of each. including calculation of the cost of goods sold. LO4 Prepare a schedule of cost of goods manufactured. LO5 Understand the differences between variable costs and fixed costs. LO6 Understand the differences between direct and indirect costs. LO7 Define and give examples of cost classifications used in making decisions: differential costs‚ opportunity costs‚ and sunk costs. LO8
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3 – Decision Analysis 1 Decision analysis is concerned with establishing systematic procedures for making decisions under uncertainty. Knowledge of decision analysis should help analyze a problem in a complicated and uncertain setting‚ to develop alternatives‚ and to identify possible outcomes. The decision maker then selects the alternative that best meets his or her objectives and psychological desires. Decision analysis is important because it provides decision makers with a rational way
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Outcome based practice‚ is defined by the Scottish Government as “an outcomes-based approach encourages us all to focus on the differences that we make and not just the input or processes over which we have control” (Scottish Government 2011). In 2011‚ the English Government launched is first framework of outcomes for adult health and social care. Within this framework‚ they stated “set of outcomes measures which have been agreed to be of value‚ both nationally and locally for demonstrating the achievements
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relationships are administrated by implicit or explicit contracts between agents and principals. The assumption of agents’ self – interest which contradicts with the principals’ interest is the basis of the agency problem. According to Alawattage and Wickramasinghe‚ agency theory suggests two fundamental reasons for the agency problem. First is the goal contradiction between the agent and principal. Second reason is the information asymmetry between the agent and principal. Principal does not know the amount
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Capital Valuation Paper University of Phoenix FIN / 419 – Finance for Decision Making November 3‚ 2009 Capital Valuation Paper Companies are evaluated to determine if they are risky to invest in. There are many tools that are used to conduct this evaluation. Part of determining Wal-mart’s financial health is to analyze their debt position. This is done by indicating the amount of other people’s money being used to generate profits. Long-term
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04/23/09 Research II Action: The action in this scene is that I want her to step back over the line because she needs to understand it is the right thing to do it‚ and she’s the only one not listening/breaking the rules. I want her to feel some sympathy for me and that I might lose my job‚ or have other bad things happen‚ and I want her to understand that she needs to get back over‚ before I get screwed over. Obstacle: The obstacle is that she doesn’t want to comply with my authority‚ and she
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