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A cost-performance ratio with a positive value (i.e. greater than 1) indicates that costs are running under budget. A negative value (i.e. less than 1) indicates that costs are running over budget. However, a neutral cost-performance ratio (between 1.0 and 1.9) could suggest a certain degree of stagnation in the budget.
The accounting department is responsible for the forecasting of budgets and cost performance reports. The difference between the estimated and actual figures is defined as variance. [12] To understand the cause of the difference, managers need to investigate the questions how the variance differs from last period and what are the causes for not ...
t. 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 ...
In the United States Department of Defense, the Integrated Master Plan ( IMP) and the Integrated Master Schedule (IMS) are important program management tools that provide significant assistance in the planning and scheduling of work efforts in large and complex materiel acquisitions. [1] The IMP is an event-driven plan that documents the ...
Misconduct. v. t. e. Activity-based costing ( ABC) is a costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each. Therefore, this model assigns more indirect costs ( overhead) into direct costs compared to conventional costing.
A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. [1] A cost audit comprises the following;
Quality, cost, delivery ( QCD ), sometimes expanded to quality, cost, delivery, morale, safety ( QCDMS ), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical ...
Cost-effectiveness analysis. Cost-effectiveness analysis ( CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. [1]
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