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Price–performance ratio. In economics, engineering, business management and marketing the price–performance ratio is often written as cost–performance, cost–benefit or capability/price ( C/P ), refers to a product's ability to deliver performance, of any sort, for its price. Generally speaking, products with a lower price/performance ...
Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle: scope, time, and costs. In a single integrated system, EVM is able to provide accurate forecasts of project performance problems, which is an important aspect of ...
Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), is a management approach originally developed by the British automotive industry. QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.
Cost Estimating is an approximation of the cost of all resources needed to complete activities. Cost budgeting aggregating the estimated costs of resources, work packages and activities to establish a cost baseline. Cost Control – factors that create cost fluctuation and variance can be influenced and controlled using various cost management ...
The items identified in the Work breakdown structure plus overhead costs, plus costs related in proportion to the planning and performance.) According to the PMBOK (7th edition) by the Project Management Institute (PMI), Earned Value (EV) is defined as the "measure of work performed expressed in terms of the budget authorized for that work."
e. Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing them ...
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost . Benchmarking is used to measure performance using a specific indicator (cost per unit of measure, productivity per unit of measure, cycle time ...
Definition. Target costing is defined as "a disciplined process for determining and achieving a full-stream cost at which a proposed product with specified functionality, performance, and quality must be produced in order to generate the desired profitability at the product’s anticipated selling price over a specified period of time in the future."