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Explain the terms - maintenance and improvement
Maintenance; under the maintenance function, the management must first establish policies rules directives and standard operating procedures (SOPs)and then work towards ensuring that everybody follows sop the latter is achieved through a combination of discipline and human resource development measures.
Improvement: under the improvement function management works continuously towards revising the current standers once they have been mastered and establishing higher once improvement cab be broken down between innovation and kaizen. Innovation involves a deasic improvement in the existing process and requires large investments. Kaizen signifies small improvement as a result of coordinated continuous efforts by all employees.
Disadvantages of activity based costing 1) It is essentially not the panacea for all ills. 2) It absorbs a lot of resources. 3) Too much emphasis on customer viability c
The Work in Process account for Monty's Company contained the following entries: Work in Process Account Debit of $40,000 for direct raw materials Debit of $60,000 for direct labor
Write a response to your boss, the controller. The response should be 2-5 pages in length (double-space). Your response to the controller should include, but not be limited to, t
Improvement in product design may result in cost reduction illustrated below: 1) Material cost : change in design of the product may result in saving in material cost. Economi
Cost oriental pricing policy Cost of production of a product is the most important variable and most important determinant of its price. There may type of costs such as-fixe
Strategy A business characteristically invests considerable time and money in developing or creating its strategy. Employees, harried with day-to-day tasks, sometimes fail to s
Calculate the charges for single and double rooms assuming that the authority wishes to make a RM10, 000 profits an accommodation
Assumption of break even analysis The break even analysis is based upon the following assumptions : 1) All elements of cost, i.e., production , administration and selling di
Classification and computation of variances The computation and analysis of variances is the main aim of standard costing. The variance is the difference among the standard pe
Risk seeking: A risk seeker is a decision maker who is concerned in the best likely outcome no matter how small the chance that they might take place i.e. he takes high risks
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