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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:
Liquidity ratios Liquidity refers to the ability of concern to meet its current obligations as and when these become due. The short term obligations are met by realizing amount
SK 2 Chapter 10: Master budgeting Objective How organisations strive to achieve their financial goals by preparing a number of budgets that together form an integrated business pla
Explain the Shut down cost A cost which will be still be required to be incurred even though a plant is closed or shut down for a temporary period. Ffor example the cost of
GRAPHICAL METHOD Graphical methods can be used in games with no saddle points and having pay off m X 2 or 2 X n matrix. The aim is to substitute a much simpler 2 X 2 matrix for
the applicability of standard costing in modern manufacturing environments in volatile environments
Determine the Profitability ratios in relation to investment a) Return on capital employed/ return on investment b) Return on equity or return on equity share holders' funds
ARR gives a fast estimate of a project's value over its useful life. ARR is derived by determining profits before taxes and interest. ARR is an accounting technique used fo
Factoring Services: All subsequent services are offer through the factor apart from the core service of purchasing receivables. 1) Sales credit management and Ledger adminis
Dynamic programming It is an extension which finds solutions to problems involving a number of decisions which have to be made sequentially. For example, the amount of a produc
Imposed Budgets In this approach to budgeting, top management prepares a budget with little or no help from operating personnel, which is then obligatory upon the employees who
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