Cost Concept for Control Homework Help
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By cost control we mean, in an industry the various measures taken by a management to complete the operation in an optimized way. This is done usually to prevent the wastes in any existing environment. In this article for Cost Concept for Control homework Help we discuss various perks of it.
What is Cost Concept for Control?
Profit maximization is the sole goal of a company and it is achieved by cutting costs in the management and operations. There are business executives who control the cost by brainstorming various optimized techniques. Detailed standard costs and broad budget scenarios are used in order to achieve such cost reduction techniques. As our Cost Concept for Control homework Help article suggest, the following aspects of management are made for cost reduction scheme.
1. A budgeting plan is established
2. A communication is set between the members of that planning and execution committee
3. Evaluation of performance towards the success of plan. The reports are collected and motivation is provided.
4. As per report, the appraisals are awarded and hence the workers are motivated more to work through the plan’s success.
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Advantages of Cost Concept for Control Homework Help
a. Profitability and market competitiveness is achieved
b. Greater productivity can be extracted
c. Price reduction in operations and market prices of the product as well.
d. No profit reduction even in the case of large sales volume.
e. Higher sales and man power employment can be generated.
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