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How is financial management applicable in the garment industry?
Financial management is essential in the garment industry to ensure proper budgeting, cash flow management, inventory control, and cost control. It helps in monitoring expenses, setting prices, and making strategic decisions to improve profitability and sustainability of the business. Additionally, financial management helps in securing funding and investments for expansion and growth.
How much does it cost to build a school running track?
The cost of building a school running track can vary depending on factors such as track size, surface material, quality of construction, and location. On average, it can range from $50,000 to $500,000 or more. This cost may include site preparation, materials, labor, and any additional features such as line markings and equipment.
What is the theory of labor?
The labor of theory value is a incorrect idea. The labor theory of value is that the more labor the higher the cost. This is incorrect because if 2 people with different skills make the same products but the more skilled one makes 2x the amount of products as the unskilled one, the labor theory of value is that the more skilled ones products are less valueble. This also applies to things that people don't want like a poorly made or not useful product, a product with no use to humanity but that took a very long time would be given a value for more then the components that made it and far more then anyone wants it for, so that falsely inspires people to waste resources.
What are hotel facilities?
Hotel facilities can refer to the hotel itself and its ground that include the pool, gymnasium, and other amenities. Sometimes hotel facilities include the restaurants and spas also associated with the hotel.
How does the law of variable proportion affect the cost curve?
As we know law of variable proportion means as we increase the quantity of one input keeping other input fix... the Total physical product increase @ increasing rate than increase at decreasing rate than at decreasing rate.... and cost curve is totally dependent upon total variable cost curve.... so if the output is increasing this is due to increase in variable factors( labors) and if labors increase the cost will be obviously more as the labor increase....+
How do you calculate hotel labor percentage?
To calculate hotel labor percentage, first add up total costs of doing the business. Then divide the cost of labor by the total cost of doing business to get the percentage of hotel labor cost.
What is cost control all about in a hotel industry?
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What is labor cost control procedure?
A procedure through which it is considered by keeping in view economics approach that the cost of labor does not increase its marginal product cost i.e. labor cost less than marginal cost.
What are the Techniques used for control of labor cost?
how cost planning techniques are used to control the costs of a construction project
Duties cost control and wages in Mauritius Hotel?
In a Mauritius hotel, cost control involves monitoring and managing expenses related to operations, including staff wages, supplies, and services, to ensure profitability while maintaining quality. This includes budgeting, forecasting, and analyzing financial performance to identify areas for cost reduction. Additionally, managing wages entails ensuring competitive compensation to attract and retain talent, while also adhering to local labor laws and regulations. Effective cost control and wage management contribute to the overall financial health and sustainability of the hotel.
What is the importance of food cost control?
The importance of food cost control is to maintain profit margins for the business. In a restaurant food costs and labor are the highest expenses to the business.
What is the labor cost control?
to contorol the cost of every time which is uses to do some job or to make some thing. i belive the labor cost of jobless man is equal to gold. because time is money. keivan khoshhesab
What should the relationship of material cost to labor cost be?
multiply the cost of labor by the cost of materials. add the cost of labor and materials. subtract the cost of labor from materials. divide the cost of labor by the cost of materials. which one is correct
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
What is the average direct labor cost in manufacturing?
Average direct labor cost is the opening direct labor cost + closing direct labor cost / 2
What is the cost of replacing the body control module in your 2003 Saturn vue?
At the deal it'll cost about $650 for new module and labor to install and program it.
Unable to control price profitable producer faced with rising labor andor materials cost will?
The answer is: go bankrupt.
