Highest ever profit company in India since last many years‚ it produces value added products like Naphtha from its own plants‚ which are available for export. ONGC Videsh Limited (OVL) is an overseas arm of ONGC‚ engaged in Exploration & Production Activities. It trans-nationally operates E&P Business in various countries across the globe. OVL has so far‚ acquired several properties in more than 12 countries across the globe‚ and striving to reach out further OVL’s projects are spread out in Vietnam
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statement: “Budgeting is a key component in management short and long term planning.” Introduction In a company‚ budgeting and operational activities link together‚ and budgeting plays an important role in a company’s running. At the end of the year‚ senior director will start to plan the budget for the next year. A successful business must be having a detailed budget. In this article‚ we are going to talk about what is budgeting and how is it important. What is budgeting Budget is an
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CHAPTER 7 FLEXIBLE BUDGETS‚ DIRECT-COST VARIANCES‚ AND MANAGEMENT CONTROL 7-1 Management by exception is the practice of concentrating on areas not operating as expected and giving less attention to areas operating as expected. Variance analysis helps managers identify areas not operating as expected. The larger the variance‚ the more likely an area is not operating as expected. 2. Two sources of information about budgeted amounts are (a) past amounts and (b) detailed engineering studies
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ABC STEEL COMPANY Robert Cruz‚ newly appointed Shop Manager of ABC Steel Company‚ was making his way through the plant back to his office. He had just reviewed the company’s most recent operating statistics with his boss‚ Rudyard de los Santos‚ Operations Manager. The statistics were shocking: ABC Company’s production backlog had reached such proportions that top management decided not to accept any further business. The company was paying penalties of P50‚ 000.00 a day due to non-fulfillment
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JOB COSTING JOB COSTING Cost object is a unit or multiple units of a distinct product or service called a job. Product or service is A single unit such as: 1.Specialised machine done at Hitachi. 2.A construction project managed by L & T. 3.Advertising campaign produced by Saatchi and Saatchi. Multiple identical unit such as: 1.Agni missile for Ministry of Defense manufactured by HAL. JOB COSTING SERVICE SECTOR JOB COSTING MERCHANDISING SECTOR - Audit engagements done - Special promotion of
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MARGINAL COSTING Introduction Even a school-going student knows that profit is a balancing figure of sales over costs‚ i.e. Sales - Cost = Profit. This knowledge is not sufficient for management for discharging the functions of planning and control‚ etc. The cost is further divided according to its behavior‚ i.e.‚ fixed cost and variable cost. The age-old equation can be written as: Sales - Cost = Profit or Sales - (Fixed cost + Variable Cost) = Profit. The relevance of segregating costs
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CASE ANALYSIS ABC STEEL COMPANY (for Human Behavior in Organization) VIEWPOINT: a) Mr. Robert Cruz‚ newly appointed Shop Manager of ABC Steel Company. The company had placed Mr. Robert in charge of all shop operations; OR b) Top Management TIME CONTEXT: At present I. PROBLEM STATEMENT: How can ABC Steel Company avoid delays in the production and delivery of the products to the customer? II. STATEMENT OF THE OBJECTIVE To strictly comply with the stated delivery schedule requirement
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Activity Based Costing (ABC) The emergence of ABC systems During the 1980s the limitations of traditional product costing systems began to be widely publicised. These systems were designed decades ago when most companies manufactured a narrow range of products‚ and direct labour and materials were the dominant factory costs. Overhead costs were relatively small‚ and the distortions arising from inappropriate overhead allocations were not significant. Information processing costs
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Managing Flexible Workforce - Strategic HRM Considerations Felipe Caamano Keller School of Management Introduction Staffing is the process of acquiring‚ deploying‚ and retaining a workforce of sufficient quantity and quality to create positive impacts on the organization’s effectiveness and thus is a critical organizational function concerned with the acquisition‚ deployment‚ and retention of the organization’s workforce. The complexity of work and projects being done in organizations
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Budgeting and the Planning and Control Process Learning Objectives By the end of this chapter‚ you should be able to: • Describe how the budget is a component of the planning and control process. • Explain the three components of planningmission‚ goals‚ and objectives. • Describe how performance reports relate to budgets. • List the advantages of budgeting. • Describe how budgeting is related to strategic planning. • Describe the budget administration process. INTRODUCTION Have
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