------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
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Reading 1.3 Jackall‚ R. (1988) Theories of decision-making process deliver to managers many essential tools such as risk and cost/benefits analysis‚ etc. which in tern routinizes administration. These tools cannot be used appropriately to manage of incalculable entities. The functional rationality approach is when activities precisely planned and estimated to reach some goal. This method is unlikely to be used by top managers because another important factors are involved such as ego or personal
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Cost reduction Generally defined as the act of cutting costs to improve profitability. Cost reduction‚ should therefore‚ not be confused with cost saving and cost control. Cost saving could be a temporary affair and may be at the cost of quality. Cost reduction implies the retention of essential characteristics and quality of the product and thus it must be confined to permanent and genuine savings in the costs of manufacture‚ administration‚ distribution and selling‚ brought about by elimination
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Cost Accounting – Classification of costs Cost accounting refers to a process of accumulating‚ recording‚ classifying and analyzing all costs incurred at various levels of production. The purpose of cost accounting is manifold. It provides a final selling price‚ suggests the best possible course of action where maximum savings are possible and a strategy for future. Cost accounting is also constructive in comparing the input and output results that ultimately aids the management to arrive at a financial
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The failure and withdrawal of the clinical system from The new south Wales project in 1996 was an unfortunate yet an eye opener to organization implementing complex system like the NSW project. The NSW shows areas of incompatibility in their implementation strategy. The case study vividly outlines and fits into the sculpture of the theories of failure outlined by Saucer [1996] and Lyytinen and Hirschheim[1987].Saucer’s theory of failure emphasis on failure due to different perspectives from different
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PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However‚
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Brandon Miller John Delano ITM 1900 February 5‚ 2013 Failure turned into Success I failed many projects at work‚ some larger than others. One project that I failed was when I had to refill the push mower with oil. I almost made my first mistake by choosing the wrong type of oil for the mower‚ but luckily was smart to call my boss and choose the correct oil. My first mistake was to not to listen to what my boss said and clean off the dipstick before I started to refill the oil tank. By not doing
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Topic 6: Management Accounting and Cost Case: Shelter Partnership a. My main learning outcomes from Topic 6 and the Case Study; 1) Firstly‚ I realize management accounting has much to offer. Somehow I can handle physics but not accounting. Now thanks to this course I can appreciate and make sense of it. The bit that really caught my attention was seeing how management accounting can be really useful for business planning‚ cost management‚ budgeting and performance measurement. It offers
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Question 5 Was this truly a disaster? What lessons can be learned from this case and similar disasters‚ particularly regarding the importance of such “human factors” as courage‚ truthfulness‚ and open communication? The Vasa was built as a symbol of Sweden’s naval supremacy. Unequalled in size‚ ornamentation and firepower‚ the Vasa was intended to project might and to intimidate the nation’s enemies. Of course‚ the reality of Sweden’s many conquests in the Baltic region was not lost on its
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11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity?
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