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Does Automation results in a shift away from variable costs toward more fixed costs?
Well you can say that. Because with automation there would be more and more use of machines which form the fixed cost and it would lead to retrenchment of employees which contribute to the variable costs of the firm..
What are the steps involved in zero based budgeting?
A basic requirement of zero-base budgeting is that managers prepare their budget for the cost of running their operations at the lowest possible level (ZERO). Therefore, it is required that any expanditure has be start as being critical, the department cannot start work without this i.e. salaries for the minimum staffing required. They are then required to calculate the costs and benefits of making a particular business decision that would lead to an incremental increase from that level. Breaking the budget down into different decision packages in this way makes it easier for senior managers to make choices among competing claims on scarce resources.
How do you get Direct Labor for a service company?
Direct labor for service company is the salary or wage cost of the person who is performing the services like in software industry the salary of software engineer is direct labor cost as well as the technical lead etc.
What are the factors that must be considered when establishing inventory control?
There are several factors that need to be considered. Some of these are Rate of consumption. Lead time of delivery. Reliability of source of supply. Cost of holding the inventory. Shelf life of components. Loss if one runs out of inventory.
How do you work out cost of goods sold?
The cost of goods sold depends on (1) the inventory system used, and, (2) whether or not a cost flow assumption is used (and if so, which one).Inventory systemsThere are two inventory systems: the perpetual inventory system and the periodic inventory system.The perpetual inventory systemWith the perpetual inventory system, the inventory is updated with every purchase and expense. This implies that cost of goods sold is increases with every sale, at the time of each sale. The cost bases depends on the cost flow assumption used (see below)The periodic inventory systemWith the periodic inventory system, purchases are expensed, while with sales, cost of goods sold is not calculated. Hence, there is no system in place that can tell how much inventory there is.The inventory is counted at the end of the period. At this point in time, the cost of goods sold can be computed.Because:beginning inventory + purchases = ending inventory + cost of goods soldthis implies:cost of goods sold = purchases + beginning inventory - ending inventoryThe end of period count is a physical count. The $ value of the goods depend on the cost flow assumption (discussed next)Cost flow assumptionWhen goods are similar in nature (the company is trading coffee, oil, etc), the company can decide to assume some 'flow' of the goods for cost purposes. Common assumptions are:LIFO: Last in, first out: the most recent purchases are sold firstFIFO: First in, first out: the oldest inventories are soldAverage cost: An average cost is computedThe alternative is 'specific identification', meaning that no cost flow is assumed but the actual cost for the goods is determined (this requires some sort of information system).The cost of good soldDepending on choices (1) for inventory system and (2) cost flow assumption different values for cost of goods sold and ending inventory can be possible.For FIFO, the perpetual and periodic inventory will lead to the same cost of goods sold (as well as ending inventory value).For LIFO (as well as average cost), the cost of goods sold could very well differ for the perpetual inventory system and the periodic inventory system. With the periodic inventory system the cost of goods sold is determined at the end of the period. This means that for example purchases after the last sale are included for determining the cost of goods sold. This is not the case with the perpetual inventory system. With the perpetual inventory system this is done for each sale at the time of sale.
How much does it cost to get a lead pipe on a baritone fixed?
Well I play Euphonium and just got my lead pipe fixed for 50 dollards.
Which statements about collaborative decision making are true?
(Apex) It's a decision made by a group of two or more people, a leader should be appointed to lead discussions, and the decision-making process should be inclusive.
Following an ethics-based approach to decision making will normally lead to?
lower employee turnover
What happens when 'fixed cost' decreases?
Cost can be either fixed cost or variable cost. Fixed costs are the costs that are fixed in nature and do not vary with the change in scale of production. Example of fixed costs are: factory rent. Variable costs vary with the change in scale of production. Example: Raw material cost Net Margin= Sales- Fixed cost- Variable cost Decrease in fixed costs lead to increase in margin of an organization; keeping all other things constant. Sometimes, benefit of decrease in fixed cost may be transferred to the consumer in the form of lower price. Lower price results in higher sales volume with lower sales margin per unit.
What is the Threat-Rigidity Response?
When people are under stress, they narrow their search for alternatives, which lead to rigidity in decision making.
Is VersaEmerge making a new album?
They've already finished making it, though it hasn't been released yet. VersaEmerge's new album Fixed At Zero comes out June 22, 2010. The lead single "Fixed At Zero" is out now.
What are the general principles of lead management?
I believe that the basic or general principles of lead management are decision making, planning, organization, sheduling, and marketing. those are just a few of what I believe are general principles of lead management.
What is one course of action available in every decision making process?
One course of action available in every decision making process is to gather relevant information or data to evaluate the options available. Making informed decisions based on facts and evidence can lead to more effective outcomes.
Issues in strategic decision making?
§ A company would have different people in decision making at different periods of time. Decision often require judgments and thus is important to note that the person related factors are important in decision making and the decision make differ as that person changes. § Again an individual does not take decisions alone. But often there is rumble in decisions, which could be between individual and group decision making. The decision taken by the group could be different from those that may be taken by the individual themselves. § The company would need to decide on what criteria it should make its decision. Thus it need a process of objective setting, which serve as benchmarks for evaluation of the efficiency and effectiveness of the decision making process. There are three major criteria in decision making- the concept of maximization, - the concept of satisfying, -the concept of instrumentalism. Based on the chosen concept, Strategic decisions will differ. § It is assumed that decision making is logical and thus there will be rationality in the decision making. In the context of Strategic decision making, it means that there would be a proper evaluation and then exercising a choice from among various alternative courses of action in such a way that it may lead to the achievement of the objectives in the best possible manner. § As the situations are complex, straightforward thinking may not be effective. Creativity in decision making may be needed, thus the decision must be original and different. But also based on situation and circumstances there could be variability in decision making.
Why Successful Leaders Must Prioritize Decision-Making?
Decision-making is an essential component of leadership. Successful leaders understand the importance of decision-making and prioritize it above all else. In this essay, I will explore why successful leaders must prioritize decision-making, the impact of decision-making on leadership effectiveness, and the key characteristics of effective decision-makers. Decision-making is critical to effective leadership because it is the process by which leaders determine what to do and how to do it. The decisions that leaders make affect not only their own success but also the success of their organizations and the people they lead. Successful leaders recognize that every decision they make has consequences and that they must carefully weigh the pros and cons of each option before making a choice. Moreover, the speed and quality of decision-making can directly impact the success of a business or organization. In today's fast-paced and constantly changing business environment, leaders who can make quick, informed decisions are often the most successful. Leaders who prioritize decision-making can respond to challenges and opportunities more quickly, gaining a competitive advantage over their peers. Effective decision-making also plays a key role in building trust and credibility with employees, stakeholders, and customers. When leaders make sound decisions that lead to positive outcomes, they demonstrate their expertise and earn the trust of those around them. Conversely, poor decision-making can erode trust and lead to a loss of confidence in a leader's abilities. Effective decision-makers share several key characteristics. First and foremost, they are proactive and take initiative in making decisions. They do not shy away from making tough choices or taking calculated risks, even when the outcome is uncertain. They also have a keen ability to gather and analyze data, weighing multiple factors before arriving at a decision. Effective decision-makers are also adaptable and open to feedback. They recognize that decision-making is a continuous process and that there is always room for improvement. They are willing to revise their decisions as new information becomes available and are open to constructive criticism from others. Successful leaders prioritize decision-making by creating a culture that values and supports effective decision-making. They encourage their employees to take ownership of their decisions and to be proactive in finding solutions to challenges. They also provide their employees with the resources and training necessary to make informed decisions. Moreover, successful leaders understand that decision-making is not a solitary activity. They collaborate with others and seek out diverse perspectives to inform their decisions. By working with others and considering multiple viewpoints, they can make more informed decisions that reflect the needs and concerns of all stakeholders. To prioritize decision-making, successful leaders must also be willing to take responsibility for the outcomes of their decisions. They must be willing to acknowledge their mistakes and learn from them, rather than blaming others or making excuses. By taking responsibility for their decisions, leaders demonstrate their accountability and earn the trust and respect of those around them. In conclusion, successful leaders must prioritize decision-making because it is essential to their success and the success of their organizations. Effective decision-making enables leaders to respond to challenges and opportunities more quickly, build trust and credibility with stakeholders, and create a culture that values and supports effective decision-making. By prioritizing decision-making and developing the key characteristics of effective decision-makers, leaders can lead their organizations to greater success and achieve their goals.
Distinguish between centralisation and decentralisation?
Centralization refers to the concentration of decision-making authority at the top levels of an organization, while decentralization involves distributing decision-making authority to lower levels in the organization. In a centralized system, key decisions are made by a small group of individuals, whereas in a decentralized system, decision-making authority is spread out among various levels or divisions within the organization. Centralization can lead to quicker decision-making but may lack input from those with specific expertise, while decentralization can promote innovation and employee empowerment but may result in slower decision-making processes.
Why is stereotyping harmful to society in general?
QUICK ANSWEROne of the main reasons why stereotypes are harmful is because they can lead to errors in decision making that carry the potential for negative consequences. -A
