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Engineering method
These methods are based on the use of engineering analysis of technological relationship between inputs and outputs e.g. method studies and time and motion studies.
The procedure in such a study is to make an analysis based on direct observation of the underlying physical quantities required for an activity and then to convert the final result into cost estimate.
This method is useful for estimating costs of repetitive processes where input and output relationship is clearly defined e.g. the cost associated with direct substances, direct labor and machine time.
Types of Non-Controlled Variables a) Parameters: These are input variables that for a given simulation have a constant value. They are factors which help specify the relat
Testing the Slope The strong point of the relationship among the dependent variable and each of the independent variables can be determined using 3 methods: 1) Correlation
Assumptions for relevant costs The key assumptions made in relevant costing are: The cost behavior is recognized. The amount of fixed costs, unit variable costs, selli
Advantage of relevant cost
Value analysis Is a formalized technique involving a rigorous analysis of products at the design stage or at any time during the saleable lives, to determine their value charac
After determining the amount of working capital as in above, a specific amount say 5 percent or 10 percent may be added to cover contingencies. This is to be noted that facts depen
stetment
Definition of the Mission and Goals of the Organization Generally the organization has already established mission and aim statements. Though, it may be essential to redefine
Explain the terms - Cost object and Activities Cost object : it is an item for which cost measurement is required for example a product or a customer. Activities: these c
interest rates
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