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STEPS OF DEVELOPING A COST ESTIMATING RELATIONSHIP
Firmly speaking, a CER is not a quantitative method. It is a framework for using suitable quantitative methods to quantify a relationship among an independent variable and cost or price. Development of a CER is a 6-step procedure as shown below:Step1: State (or select) the dependent variable (Y)
Step2: Select the cost driver(s)
Step3: Gather data concerning the relationship among the dependent and independent variables
Step4: Plot the data on a graph
Step5: Choose the relationship which best predicts the dependent variable
Step6: Test the consistency of the cost function
Problem Marginal costing plays a major role in making certain decisions. It provides information to management regarding the behaviour of costs and the incidence of such costs
Standard costing in modern environment Standard costing has traditionally been associated with labor-intensive operations, but it can be applied to capital-intensive production
critically examine the current cost accounting for price level changes
Capital Project comparing hybrid vs non-hybrid cars.
Need a quote to complete my homework.
What are the Advantages or uses of break even charts Computation of break even point or presentation of cost volume and profit relationship by way of break even charts has the
Types of Factoring The factoring facilities can be largely categorized in four groups that are as follows: 1) Full service non-recourse (old line) 2) Full service rec
Susan works in a real estate office that is equipped with up-to-date copiers, scanners, and printers. She is frequently the only employee working in the office in the evenings and
a cost-allocation base may be any of the following except: a. cost driver b. cost pool c. way to link indirect cost to a cost object d. nonfinancial quantity
Decision Making Environment There are four main environments within that decisions can be done. These are: • Certainty • Risk • Fundamental uncertainty • Compet
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