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Steps in Strategic Cost Analysis1) Recognize the suitable value chain and allocate costs and assets to it. 2) Identify the cost drivers of each value activity and how they interrelate 3) Recognize competitor value chains, and establish the relative cost of competitors and sources of cost differences. 4) Build up a strategy to lower relative cost position via controlling cost drivers or reconfiguring the value chain and/or downstream value. 5) Make sure that cost reduction efforts do not erode differentiation, or made a conscious choice to do so. 6) Test the cost decrease strategy for sustainability. 7) The three major elements of strategic cost management comprise:
Schedule of Non-discretionary Data: and tables, in a form that is readable and readily understood. This worksheet is to be used to identify/capture the various non-discretionar
Critique of Performance Measurement This section brings together material from preceding data in this lesson in order to provide a critical appraisal of performance measurement
Competition oriented pricing policy Most companies fix the price of their products after a careful consideration of the competitor's price structure. Deliberate policy may be f
Organizing (1) It is the establishment of the framework within which the required activities are to be performed and the designation of who should perform such activities. It inc
Problem 1 Management accounting is sensitive to management needs; however, it assists the management and does not replace it. Write down in detail the scope of management accou
solutions for (POS) slow printing of sales tickets and unpredictable action of cash drawers. when credit approvals delayed the checkout process or when the computer was down, thus
Z or t Statistics If n ≥30 we use Z, if, n Ho: B = O that is, there is no relationship between X and Y HA: B≠ O There is a significant relationship between X and Y The l
opening stock 19000 closing stock 21000 sales 200000 gross profit 25% on sales calculate stock turnover ratio
Difference between Direct labour and Indirect labour Direct labour:- Labour which plays an active and direct part in the production of a particular commodity is called di
Advantages of standard costing 1) Measuring efficiency: standard costing is a yardstick for measuring efficiency. The comparison of actual costs with standard costs enables t
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