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Decision-making is an integral part of all management functions. It is the process of choosing the among alternative courses of action. Managers have to spend a considerable amount of time and thought in making decisions.
Costs, which affect the managerial decisions, are called relevant costs. All types of costs are not relevant. Only the costs, which are futuristic in nature and differ among alternatives, are considered as relevant costs.
Differential cost analysis or differential costing is a special technique to help management to take decision. It shows how costs and revenues would be different under different alternative courses of action.
With the help of a technique like marginal costing, CVP analysis and differential analysis, management makes decisions like determination of profitable levels of production, make or buy, process or sell, purchase or lease, accept or reject new orders etc.
This is a most familiar form of medium term financing in obtaining plant and vehicles, machinery etc. In hire purchase transactions, the purchaser of goods will obtain the possessi
Private sector companies have multiple stakeholders who are likely to have divergent interests.( five stakeholder groups and discuss their financial and other objectives).
The Value Chain and Cost Analysis The behavior of a firm's costs and its relative cost position stem from the value activities the firm performs in competing in an industry. A me
Explains how activity –based techniques can be used to improve performance
M/s ABC has an existing sales of Rs.50 lakhs and permits a credit period of 30 days to its customers. The firm cost of capital is 10% and the ratio of variable cost to sales is 85
Debtors turnover ratio( or receivables turnover ratio) Meaning: this ratio establishes a relation ship between net credit sales and averages trade debtors. Objective
areas where zero based budgeting can be effectively used?
Input or exogenous variables These are variables of two types: 1) Controlled variables: These are variables that can be controlled by management. By changing the input
First Cut Analysis of Costs The allocation of costs and assets will produce a value chain that illustrates graphically the distribution of a firm's costs. It can prove reveali
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