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State (or select) the dependent variable (Y)
Will the CER be employed to estimate price, labor hours, cost, material cost, or some other measure of cost? Will the CER be employed to estimate net product cost or estimate the cost of one or more components? The improved the definition of the dependent variable, the simpler it will be to collect comparable data for the CER development.
The dependent variable is the cost to be estimated and it is choice based on the aim of the cost function. It might also be termed to as response variable.
Steps in Strategic Cost Analysis 1) Recognize the suitable value chain and allocate costs and assets to it. 2) Identify the cost drivers of each value activity and how they int
Status Resources We had classified constraints as scarce and abundant, depending respectively on whether or not the optimum solution "consumes" the entire available amount of t
MULTIPLE REGRESSION The least square regression equation discussed above was based on the assumption that total cost was determined by only one activity based variable. However
Return on Investment and Residual Income This is a traditional approach to performance measurement given by: ROI = Income Invested Capital (m
accepted#Regarding the Overhead costs, these are allocated based on Direct Labor;
Non-zero lead time (determining reorder point) This basic EOQ model assumes that the suppliers lead time is zero (i.e. goods are delivered immediately on the day the order was
Incremental budgeting This is used to describe an incremental cost approach to budgeting where the next period budget is based on the current year’s results plus an extra amou
Cost Behavior A firm's cost position results from the cost behavior of its value activities. The cost behavior is based on a number of structural factors which influence cost
Sources of Working Capital Finance Working capital finance may be classified in the subsequent: Spontaneous Source of Finance Finance that naturally arises in
QUESTION 1 PART A You are provided with the given information relating to ABC Limited. The accountant is currently developing the budget for the next three months endin
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