Reference no: EM133161590

Question - A major focus of managerial accounting is trying to quantify and manage costs, as generally a business is better able to manage costs as opposed to try to manage revenues (mainly since a company initiate costs, but has to "hope" there is demand for its product and/or service in order to generate revenue). A company will at times will time and effort study in order to understand a process of its business and be able quantify the costs and resources needed (i.e. understand its costs). This week your task is the following:

Think about something you do in your life rather frequently, and a mock time study of it.

1. Describe the process and evaluate if there is any waste involved.

2. Describe any steps you could take to eliminate or reduce the waste.

3. Try to implement some of these "eliminations".