COST ANALYSIS OBJECTIVES INTRODUCTION MEANING DEFINITIONS TYPES OF COSTS MONETARY COSTS REAL COSTS OPPORTUNITY COSTS ECONOMIC COSTS ACCOUNTING COSTS INCREMENTAL COSTS SUNK COSTS FUTURE COSTS PRIVATE‚ EXTERNAL AND SOCIAL COSTS FIXED / SUPPLEMENTARY / OVERHEAD COSTS VARIABLE / PRIME COSTS REPLACEMENT COSTS PRODUCTION COSTS SELLING COSTS CONTROLLABLE COSTS DIRECT COSTS INDIRECT COSTS SHORT RUN COSTS CURVES LONG RUN COSTS CURVES OBJECTIVES To understand the meaning of cost. To discuss different types
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manufacturing or trading‚ require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution‚ when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial age‚ most of the costs incurred by a business were what modern
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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
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organizations are owned and controlled by private parties‚ no interaction with state. Example of private sectors are : retail business‚ banks‚ local business and etc. Limitation of Private and Public hospital Private Sector Public sector Cost Not everyone can enjoy the benefit it is very expensive It is very low compare to private hospitals Service Doctors works in private sector seem to well experienced compare to public and there more than 1 doctor for patient Doctors are not
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COST OF PRODUCTION CONTENTS 1. Introduction 2. Types of costs 3.1 Opportunity‚ implicit and explicit costs 3.2 Fixed and variable costs 3.3 Average costs 3. Types of cost curves 4.4 Marginal cost curve 4.5 Average cost curves 4. Costs in Short run and in the Long run 5.6 Short run 5.7 Long run 5.8 Economies of scale 5. Cost analysis in the real world 6.9 Economies of scope 6.10 Experiential
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QUESTIONING THE WISDOM BEHIND SPENDING ON TURTLES…… Hasan Hanif &; Daniyal Motan Pakistan has been blessed with a coastline that extends up to 1‚050 km (650 mi). Of these 250 km fall in Sindh province and 800 km in Baluchistan. This gives one an idea of the scope of the effort needed to protect and conserve the Green Sea Turtle which nests along the length and breadth of this coastline. The problem is compounded by the fact that the Makran coast‚ in Baluchistan consists of steep mountains that
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Abstract There are a lot of decisions that have to be made when running a business. One of those decisions is when to buy new machines or equipment or upgrade the machines or equipment that the business already has. Using analysis of the needs of the business and how the new equipment will help the business to function and the cost of the product will determine what the managers of the business decides. Marginal costs are change in total costs divided by change in output. Marginal revenue
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Health Care Spending Tracey Loftus‚ Javelin Freeland‚ Mariah Jones‚ and Rochelle Foster HCS 440 October 20‚ 2014 Dawn Chiabotti Introduction Health Care Costs Methods and Tools used to address challenges Prescription Drugs Uninsured How it all relates to health care reform Prescription Drugs Uninsured Solution that is most effective/payment sources involved Steps needed to implement solution Health Care Cost Medical Cost Drive Growth Spending Breakdown Hospital Cost Increase Provider
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Sunk Cost-cost that has already been incurred and cannot be avoided no matter what a manager decides to do. A business segment should only be dropped if a company can avoid more in fixed costs than it loses in: contribution margin Which of the following techniques describe how a bottleneck should be managed: Find ways to increase the capacity of the bottleneck‚ ensure there is minimal lost time at the bottleneck due to breakdowns and set-ups‚ focus business process improvement efforts on the bottleneck
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EQUAL OPPORTUNITY EMPLOYMENT Definition: Equal Employment Opportunity guaranties employees a fair treatment. This means that employers cannot discriminate against employees on the basis of age‚ race‚ sex‚ creed‚ religion‚ color‚ or national origin. Equal Opportunity applies to employment practices such as hiring‚ upgrading‚ demotion‚ transfer‚ recruitment‚ advertising‚ layoff‚ termination‚ rates of pay or other forms of compensation‚ selection for training‚ job assignments‚ accessibility‚ working
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