COST CLASSIFICATION CONCEPT OF COST: DEFINITION: A SACRIFICE OR GIVING UP OF RESOURCES FOR A PARTICULAR PURPOSE FREQUENTLY MEASURED BY THE MONETARY UNITS (RUPEES‚ DOLLARS) THAT MUST BE PAID FOR GOODS AND SERVICES . ➢ EMPHASIS ON COST INFORMATION: MANAGEMENT ACCOUNTANTS PAY A LOT OF ATTENTION TO COSTS BECAUSE COST HAVE A VITAL ROLE TO PLAY IN PLANNING ‚ EVALUATING AND DECISION MAKING. FOR EXAMPLE IN PLANNING THE ROUTE AND FLIGHT SCHEDULES THE MANAGER OF AN AIR LINE MUST CONSIDER
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Cost Concepts for Managerial Decision Making Prepared for instructional use in Economics For Managers ECG 507 College of Management North Carolina State Universiy © Stephen E. Margolis 2000 Soon we will be using the concepts of cost that are presented in Landsburg’s chapters five and six to analyze market behavior of firms. With a bit of interpretation‚ however‚ these concepts have immediate application to ordinary decisions that
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Discuss the opportunity cost of getting your MBA. What steps and economic factors must a student make when choosing between getting a degree and taking another route in life? Feel free to include aspects from your own decision to pursue your MBA. When considering to starting an MBA program‚ there are many questions that you have to ask yourself. Can I afford the program? Will it help me to become more marketable in the job industry? Will I have time to dedicate into completing coursework?
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I 1.Why is quality is a difficult term to define? How can we improve our understanding of quality? Quality itself has been defined as fundamentally relational: ’Quality is the ongoing process of building and sustaining relationships by assessing‚ anticipating‚ and fulfilling stated and implied needs. Even those quality definitions which are not expressly relational have an implicit relational character. Zero defects and conformance to requirements or their modern counterpart‚ six
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IE 421 INDUSTRIAL QUALITY CONTROL ACKNOWLEDGEMENT The sincerity and abyss gratitude is greatly expressed to all the people who in different ways have reinforced and contributed to the course of carrying out this project. We would like to extend our appreciation to all of them for their indispensable help and support. A heartfelt gratitude to Engr. Christel B. Nuñez‚ our instructor in Industrial Quality Control for her unreserved help and unwavering guidance throughout the completion
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Quality Assurance Melba Ketchman Professor Campos Procurement and Contract Law March 11‚ 2013 Warranties are not mandatory for the government and it is up to the Contracting Officer (CO) to decide if one is needed for the services or supplies they are procuring. Warranties fall under two categories; express and implied (Feldman‚ 2012). The Federal Acquisition Regulation (FAR) Subpart 46.7 Warranties covers the requirements and criteria of warranties that the CO must follow. According
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What is Quality? Hoyer & Hoyer state that quality standards and customer expectations‚ in various guises‚ have been in existence for many centuries. However international quality standards‚ the formal study and implementation of “Quality” are the preserve of the 20th & 21st centuries. Consumers in the last 20-30 years have become finely tuned to the existence‚ value and need for quality but do they actually know what it is? Hoyer & Hoyer identified 8 quality guru’s and summarise their definition’s
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Chapter 2—Cost Terminology and Cost Behaviors MULTIPLE CHOICE 1. The term "relevant range" as used in cost accounting means the range over which a. | costs may fluctuate. | b. | cost relationships are valid. | c. | production may vary. | d. | relevant costs are incurred. | ANS: B PTS: 1 DIF: Easy OBJ: 2-2 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Measurement‚ Reporting 2. Which of the following defines variable cost behavior
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The concept and vocabulary of quality is elusive. Different people interpret quality differently. Few can define quality in measurable terms that can be operational. When asked what differentiate their product or service‚ health care worker will answer “quality health care‚” the banker will answer “service‚” the manufacturer will simply answer “quality product‚” and the hotel restaurant employee will answer “customer satisfaction.” When pressed to provide a specific definition and measurement‚ few
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runned as a partnership of fifteen people. The numbers are important to guide the business to the right path of success. Ideas from each partner contribute to the growth of the business to new heights. The objective of the business is to provide low cost computers. It was started to address the problems that the country was facing with the “up to date” technology. If a country doesn’t have access to computers‚ the citizens will not be able to know what is going on in foreign countries and will be classed
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