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What is Sealed bid pricing
Another from of competition oriented pricing is the sealed bid pricing. In a large number of projects, industrial marketing and marketing to the government, suppliers are asked to submit their quoted as a part of tender. The price quoted reflects the firm's cost and its understanding of competition. If the firm was to price its offer only at its cost level it may be the lowest bidder and may even get the contract but may not make any profit out of the deal. So it is important that the firm uses expected profit at different price level to arrive at the most profitable price. This can be arrived at by considering the profit and profitability of getting a contract at different prices. This method obviously assumes that the firm has complete knowledge or information about the competition and the customer.
What is Direct material cost variance It can be defined as the difference between the standard costs of direct material specified and the actual cost of direct material used.
accounting process or accounting cycle
Queue discipline 1) It refers to the manner in which customers behave in a queue, and to the order in which they are served up. For illustration; A customer may arrive at a que
Time sheets are collected in a batch, and the information is manually keyed into the system. This data is now stored on a magnetic disk. An editing program is run, which verifies w
Discretionary fixed costs and Semi variable costs Discretionary fixed costs are those which are incurred as a result of management discretion. These costs have two importan
Period of operating cycle implies that total sum of number of days included in the various stages of operation commencing from the purchase of raw materials and ending along with c
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What is Sunk cost A cost has been incurred in the past or sunk in the past and is not relevant to the particular decision making, is a sunk cost. If it is decided to replac
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