Determining costs and benefits in decision making process
Write down a short note on determining costs and benefits in decision making process?
Expert
Determining costs and benefits: Most of the management decisions need knowledge of the costs and benefits of pursuing a specific course of action like providing a service, generating a new product or closing down the department. Decision will include weighing the costs against the advantages. The management accountant can aid managers by giving details of specific costs and benefits. In some situations, costs and benefits might be extremely difficult to quantify; though, some approximation is generally better than nothing at all.
Cost Driver: Any factor which causes a modification in the cost of an action or output. For illustration, the quality of portions received by an activity, or the degree of complexity of tax returns to be evaluated by the IRS.
What are the various modes that the strategic management process can be approached?
Write a short note on the key areas which business objectives want to achieve?
How have you observed the regulations which affect both your industry and your accounting place?
What do you mean by the term balancing risk and return? Explain in brief?
Process Value Analysis: Tools and methods for studying processes via customer value analysis. Its objective is to recognize opportunities for lasting enhancement in the performance of an association. It offers an in-depth review of wo
Write down the scope of Management accounting?
Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.
Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.
18,76,764
1942509 Asked
3,689
Active Tutors
1443401
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!