Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost behavior, and (c) cost prediction.

Q: Define cost behaviour.

A: High-Low Method: The high-low method is the method by which the variable component and the fixed…

Q: Give me a model How Efficient is the Engineering Estimation Technique for Cost Estimation?

A: At whatever point we build up a product project, principle addresses that emerge to us is the amount…

Q: Explain the implementation issues of the cost estimation methods

A: Cost estimation is the process of determining the probable cost of a product before starting the…

Q: Search about how technique is efficient Analysis at the account level to estimate cost.

A: technique is efficient Analysis at the account level to estimate cost.

Q: Cost estimation is the process of   a. Summarizing pwst costs into fixed variable components.…

A: Solution: Cost estimation is the process of "Estimating the relationship between costs and the costs…

Q: Define the following terms: (a) cost behavior and (b) relevant range.

A: Cost behavior and relevant range are terms under cost accounting. Cost behavior studies the pattern…

Q: Describe the visual-fit method of cost estimation. What are the main strengths and weaknesses of…

A:

Q: From the following data find (A) material cost, (B) price cost, (C) direct cost,

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: ?Which of the following statements related to cost estimation methods is true

A: Cost estimation can be defined as an approach under the project management. It is the costing…

Q: What is the difference between cost allocation and cost assignment?

A:

Q: Write cost pool, cost driver, activity cost, budgeting.   What are the assumption of CVP analysis?…

A: Answer:  Write cost pool, cost driver, activity cost, budgeting.   Cost Pool is the sum total of…

Q: a) Classify each cost element as either fixed, variable, or mixed

A: Cost Accounting: Fixed Cost: The cost which constant for the year and there is no impact of any…

Q: Explain the relationship between the costs of flexible and committed resources, usage of resources,…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Explain the advantages of conference method for estimating a cost function.

A: Conference method: Conference method uses, perceptions, analysis, knowledge and related information…

Q: Complete a locational cost–volume analysis graphically and mathematically

A: Locational cost volume analysis is way to find the volume of production at which the company break…

Q: Define the term Cost approaches.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Write the general formula for cost-plus pricing, and briefly explain its use.

A: Cost-plus pricing: It can be defined as the pricing strategy which includes the determination of the…

Q: What two assumptions are frequently made when estimating a cost function?

A: Cost Function:Cost function represents the basic change that occurs in the total cost due to the…

Q: Explain the difference between a cost standard and an efficiency standard. Give an example of each.

A: Cost standard: This refers to the cost expected to be incurred for a given level of output.…

Q: Identify the output and input variables in both the bottom-up and top-down strategies to cost…

A: Bottom ups of the cost estimate are the most accurate cost estimation process wherein every minute…

Q: Briefly define total cost and marginal cost.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Define cost allocation?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Discuss the difference between the revaluation model and cost model in detail.

A: Revaluation model and cost model are two different models of subsequent measurement of invested…

Q: Can you label revenue, loss, total costs, dollars, variable cost, and fixed cost on the provided…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

Q: From the standpoint of cost control, why is the FIFO method superior to the weighted-averagemethod?…

A: FIFO method is First in First out method in which inventory which is purchased first will be sold…

Q: List three methods to measure cost behavior.

A:

Q: Discuss the techniques that can be applied to obtain relevant and accurate cost estimates.

A: The question is based on the concept of cost estimation, which is one the most important parameter…

Q: Describe three criteria for evaluating cost functions and choosing cost drivers.

A: Cost Function:   Cost function represents the basic change comes in the total cost due to the change…

Q: Explain one example of the cost driver.

A: Cost drivers are used in Activity Based Costing. Cost drivers are used to allocate overhead costs to…

Q: Explain an example how to calculate total costs.

A: Total c osts represents overall costs incurred to produce or procure a product.

Q: List the six steps in estimating a cost function on the basis of an analysis of a past cost…

A: Account Analysis Method:The account analysis method of estimating a cost function says variable and…

Q: Explain the strategic role of cost estimation.

A: Cost estimation: Cost estimation is a technique that assist the management for taking strategic…

Q: Explain the implementation problems in cost estimation.

A: Cost estimation: It is the development of a defined relationship between cost object and cost…

Q: Using graphs, show how a semivariable (or mixed) cost behavior pattern can be used to approximate…

A:

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.