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Planning
A business must plan for its success. What do we understand by business planning? It is about thinking in advance -- to decide on a course of the action to reach the desired outcomes. Planning should be done at all levels. First, it happens at the high level of setting strategy. It then moves to the broad-based thought about how to set up an optimum "position" to maximize the potential for the realization of goals. Finally, planning should be undertaken from the perspective of thoughtful consideration of financial realities/facts and anticipated monetary outcomes (budgets).
You have possibly undergone similar planning endeavours. For instance, you decided that you desired more knowledge in business to improve your skills and stake in life, you positioned yourself in a program of study, and you developed the model of costs and future benefits. So, you are quite familiar with the concept of planning! But, then you are an individual; you have easily captured and contained your plan inside your own mind. A business organization is made up of number of individuals. And, these persons must be orchestrated to work together in the harmony. They must share and understand the organizational plans properly. In brief, "everyone is desired to be on the same page."
Risk seeking: A risk seeker is a decision maker who is concerned in the best likely outcome no matter how small the chance that they might take place i.e. he takes high risks
Cost concept . techniques of costing . absorption costing
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Activity Based Costing (ABC) differs from Absorption Costing (AC) in the manner in which overheads are charged to units. ABC charges overheads to units based on their proportion
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Material usage variance Difference among standard quantity of material and actual quantity used is the material usage variance. This variance arises due to: Economic use of
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