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the incredible game theoristmr nashs work needed refining first it applies to games played only once or in which players move simultaneously but
the games economists playit sounds like a sports fans dream in stockholm on october 11th three men share a 1m prize for their skill at analyzing
standard costing systemhowever it has been argued that traditional variance analysis is unhelpful and potentially misleading in the modern
standard costing in modern environmentstandard costing has traditionally been associated with labor-intensive operations but it can be applied to
parameter prediction errorthis is another aspect of faulty planning as hongren says lsquoplanning decisions are based on predictions of future costs
inappropriate standards or targetsthis is a problem arising from deficiencies in planning if not enough time and resources are devoted to setting
significance points of variancethe following significant points must be kept in mindcontrollability controllability should also influence the
interpratation of variancecontrollability materiality and trend are the interpretation of variance the point of comparing flexed budget and real
variances analysis variances are the differences between actual results and expected results expected results are the standard costs and standard
the advantages and disadvantages of standard costingthe benefits for controlling having a standard costing system in operation can be summed up as
standard costing and budgetary control in practice the terms standard cost and budgeted cost might be used interchangeably whereas it is possible to
flexible budgetingflexible budget may be used in one of two ways planning and controlat the planning stage when budgets are set to reduce the effect
budget preparation the organizations budget is ready following the acceptance and sanction of the decision packages once the budget of organization
acceptance and allocation of resources managers subsequent a review and analysis of all decision packages will establish the level of resources to be
ranking of decision packages the ranking procedure is employed to establish a rank priority of decision packages in the organization throughout the
analysis of each decision package this analytic procedure permits the manager of the decision package and its alternatives to assess and validate its
recognition of the organizations decision units and decision packages zbb decision unit is an operating division for which decision packages are
definition of the mission and goals of the organization generally the organization has already established mission and aim statements though it may
zero-base budgeting zero-base budgeting zbb was first developed and introduced for business by peter a pyhrr from this starting zbb has been explored
incremental budgeting this is used to describe an incremental cost approach to budgeting where the next period budget is based on the current
contigency theorysome researchers have argued that the context in which budgetary control is used is as important as the style in which it is
disadvantages of participatory budgets they consume more time and therefore are more expensivethe advantage of management participation may be
advantages of participatory budgetsinformation from employees most recognizable with each unitrsquos needs and constraints is includedknowledge
participative budgetsin this approach to budgeting budgets are developed by lower level managers who then submit them to their superiors the budgets
advantages of imposed budgetsadvantagesthey increase the probability that the organization strategic plans are incorporated into the planned