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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.
Advantage of relevant cost
Disadvantages of standard costing 1) Difficulty in setting standards: setting of standards in practice extremely difficult and complicated task. First it is not possible to f
directing[ budgeting
Arrival Rates, Service Rates, and Traffic Intensity The (average) arrival rate is the rate of arrival of customers at a queue, and is often denoted by x. If 10 customers arr
Assumptions Underlying the CVP Analysis CVP analysis as discussed above is based on certain assumptions . if these assumptions are not recognized then serious error may result
Elements of cost: 1. Material: the substance from which the product is made is known as material it may be in a raw or a manufactured state. It can be direct as well as indir
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The least-cost method The process is described as follows: Assign as much as possible to the variable with the least unit cost in the whole tableau. (Ties are broken randomly).
Simple Queues A simple queue has the following characteristics; 1) There is a simple service channel 2) There are ‘discrete’ customers e.g. customers in a bank, or aircra
Pricing is a problem in four general types of situations: 1) When the firm develops or introduces a new product and it is fix the price of the product for the first time. 2)
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