In order to assist the managers and board of management you

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Reference no: EM13576167

a.In order to assist the managers and Board of Management you are compiling a resource which will define the various management accounting terms used in the process of strategic analysis. Provide an explanation of the following terms, with examples which incorporates a reason why each concept is relevant or not relevant to decision-making.

Sunk cost, incremental cost, opportunity cost, cost experience, contribution margin, limiting resource, cost structure, tactical decisions, value-based costing and sensitivity report.

b.Included in the tasks in F & B is the job to set-up conferences and special groups. An analysis of set-up costs indicates a reduction over time where similar corporate event are produced which you have attributed to cost experience. What is meant by the term ‘cost experience'? Explain what ‘80%' refers to when used in the term ‘80% cost experience curve.

Reference no: EM13576167

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