Finances Business law All of these courses are very difficult and time-demanding. We understand that students may simply lack time to proofread and edit their final drafts.
Opportunity cost Differential cost between the alternatives of producing or not producing surfboard B Every decision involves a choice from among at least two alternatives.
The costs and benefits of the alternatives should be compared when making the decision. A relevant cost or benefit is a cost or benefit that differs between alternatives. Differential costs are relevant costs. Any cost or benefit that does not differ between alternatives is irrelevant and can be ignored in a decision.
This is a tremendously powerful concept that allows us to ignore mounds of data when making decisions since most things are not affected by any given decision.
All sunk costs i. All future costs that do not differ between alternatives are irrelevant. Any cost that is avoidable is potentially relevant. An avoidable cost is a cost that can be eliminated in whole or in part as a result of choosing one alternative over another.
When making a decision, eliminate all irrelevant costs. Make the decision based on the remaining, relevant costs. Different costs for different purposes. Costs that are relevant in one decision situation are not necessarily relevant in another. In each situation the manager must examine the data and isolate the relevant costs.
People are especially reluctant to discard sunk costs in decision-making when the sunk costs are a consequence of a past decision that in retrospect was unwise. People have a tendency to become committed to courses of action that have not worked out. Taking a loss on an asset is an admission of failure.
Adding or Dropping a Segment. Decisions relating to dropping old products or segments and adding new products or segments are among the most difficult that a manager makes.
Two basic approaches can be used to analyze data in this type of decision. Compare contribution margins and fixed costs. A segment should be added only if the increase in total contribution margin is greater than the increase in fixed cost.
A segment should be dropped only if the decrease in total contribution margin is less than the decrease in fixed cost. A second approach is to calculate the total net income under each alternative.The Accounting Career Awareness and Diversity Program (ACADP) is a program of the School of Business at CBU designed to increase the number of students from ethnic groups that attend college and major in accounting.
Evolve IP is passionate about giving back to the communities where we live and work. And while many organizations sponsor corporate charities, the Evolve Cares program is driven by our associates who identify and bring local needs into the company.
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Published: Wed, 17 May In Fall , Ritz-Carlton Hotel Co. became the first hotel company to win the Malcolm Baldrige National Quality Award. Ritz-Carlton implemented total quality management (TMQ) as a means of winning the award and improving its service. Accounting in Relation to Management Function - Management accounting can be viewed as Management concerned with Accounting.
Basically, it is the study in order to the management of financial accounting, "accounting in relation to management .