Key performance indicators or KPI
What do you mean by the term key performance indicators or KPI? Explain in brief?
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Key performance indicators or KPIs: These comprise the traditional financial measures like return on capital used. KPIs now, though, usually comprise a significant proportion of non-financial indicators to aid assess the prospects of long-term success. To assist decision making, the management accountant has rousingly shouldered responsibility for reporting the non-financial measures concerning quality, product innovation, product cycle times, delivery times and so forth.
Product: Any traceable, discrete, or measurable good or service given to a customer. Frequently goods are termed to as tangible products, and services are termed to as intangible products. A good or service is the product result of a procedure resulta
Unit Cost: The cost of a chosen unit of a good or service. Illustrations comprise dollar cost perton, machine hour, labor hour, and department hour.
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Cost Allocation: This is a technique of assigning costs to activities, outputs, or other cost objects. The allocation base employed to assign a cost to objects is not essentially the cause of the cost. For illustration, assigning the
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Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.
under gantt's bonus plan, no bonus is payable to the worker if is effeciency is less than how much?
Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
Outputs: Any product or service formed from the consumption of resources. This can comprise information or paper work produced by the completion of the tasks of an activity.
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