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Cost control and reduction is the way that business managers monitor, analyze and cut expenses. The objective is to lessen expenditures.
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What are the Differences between cost control and cost reduction?
Cost Control - a method whereby costs are managed and monitored to ensure they do not grow beyond the projected amount.Cost Reduction - a method whereby costs are reduced from the projected amount
How are cost control and cost reduction schemes implemented in an organisation?
Lebari samuel. cost control is implemented by calling departmental heads on their spending and also be mindfull of the way you allocate fund.
Differences between cost control and cost reduction?
Cost Control - Taking Steps to ensure that the cost expenditure in the project is in line with what was planned during the planning phase. If the expenditure looks like exceeding the planned value, then steps are taken to reduce the cost to bring it back in line with the plan Cost Reduction - Taking steps to reduce the amount of money spent on any activity or project
What is the Difference between cost management cost control and cost reduction?
Cost Control simply means keeping cost within desired level or planned level and the essential mechanics of Cost control is budgeting and budgetary control. Cost reduction on the other hand is a deliberate attempt to lower the cost of business operation which in most cases could result in value trade-off. Cost Management however is that planned, organised, systematic cost restructuring programmes aim to ensure that cost is commensurate with the level of operation of an organization. It can also be defined as the planned effort to ensure that organization operates within cost effective and efficient zone without compromising quality or value. Therefore the key line dividing cost reduction and cost managemnet is the issue of value or quality. In the process of Cost Management Cost would be reduced but without compromising value but not all cost reduction process guarantees value retention. The success of any cost management effort is influenced by the cost management mindset and cost management technical skill capacity of the Manager. Today, given the importance of cost to the survival of organization, it has been advocated that there should be adequate capacity building in the skill to manage cost as well as a full institutionalization of the distinct practice of cost management as a discipline. This I subscribe to.
What is the principal objectives of a project?
Scope Time Performance Cost
What are the objectives of material control in cost accounting?
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What are the objectives of cost control in an organization?
I don't cares
What are the Differences between cost control and cost reduction?
Cost Control - a method whereby costs are managed and monitored to ensure they do not grow beyond the projected amount.Cost Reduction - a method whereby costs are reduced from the projected amount
Need for costing?
1) for cost control 2) comparison of cost with other firms 3) for cost reduction
Difference between objectives and performance targets?
Objectives exist on the strategic level. Market share, force reduction, production efficiency, etc. Performance targets on the tactical level. Percentage gain, additional savings, average service call cost reduction, etc.
What is demand oriented objectives in advertising?
These are objectives that focus on market share and increasing the desire for a product. You can also do cost oriented objectives to control or drive costs.
How are cost control and cost reduction schemes implemented in an organisation?
Lebari samuel. cost control is implemented by calling departmental heads on their spending and also be mindfull of the way you allocate fund.
Why is a decentralized system of justice an advantage in the US?
local control, cost reduction and less corruption.
What are the Objectives of cost control?
Cost control helps departments meet their budgets. Without cost controls, departments wouldn't meet their budgets and products would have to be overpriced to meet the budget overages.
Differences between cost control and cost reduction?
Cost Control - Taking Steps to ensure that the cost expenditure in the project is in line with what was planned during the planning phase. If the expenditure looks like exceeding the planned value, then steps are taken to reduce the cost to bring it back in line with the plan Cost Reduction - Taking steps to reduce the amount of money spent on any activity or project
What are the cost reduction measures taken by manufacturing firms?
about cost reduction
What is cost objectives?
Cost objectives determines the cost allocation. It determines the product, service or department that will receive the allocation.
