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Difficulties in cost reduction
1) Resistance by employees to pressure to reduce cost usually because the nature and purpose of the campaign has not been properly explained to them and they feel threatened by the change
2) They may be confined to a small area the business 9e.g to one department) with the result that cost are reduced in one cost centre only to reappear as an extra cost in another cost centre;
3) Efforts to cut material and labor cost may erode confidence in established system for estimating material usage and labor productivity standards;
4) Cost reduction campaigns are often introduced as a rushed desperate measure instead of a carefully organized exercise.
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
Selective Inventory Management The inventory of an industrial firm generally comprises thousands of items with diverse prices, usage and lead time, as well as procurement and/o
Going rate or follow the crowd pricing:- In this method the firm price its products at the similar level as that of the competition. This method supposes that there will be no
Markov Chains: Markov Chains are named after the Russian statistician A.A Markov who developed probabilistic models that are often applicable to decision making problems in bu
Under this method, approximated profit is calculated depends on transactions of the ensuing period. Afterward, decrease or increase in working capital is determined adjusting the e
Why might managers favour this ABC system instead of the older system that allocated all MOH costs on the basis of direct? labour?
IF net income totaled $18,000 for one year, beginning assets were $100.000 and ending assets were $140,000, then Return on Assets for the year as a percentage will be?
Working Capital management is affected through two characteristics of current assets that are as follows (i) short life span (ii) swift transformation in the other asset forms.
Learning and Spillovers The cost of a value activity can decline over time due to learning that increases its efficiency. The methods by which learning can lower cost over tim
Illustration of Standard error of estimate The production manager of XYZ Company is concerned about the apparent fluctuation in efficiency and wants to determine how labour cos
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