Cost management technique which specially addresses strategic issues is classified as strategic cost management. Strategic cost management is the process of reducing total costs while improving the strategic position of a business. This goal can be accomplished by having a thorough understanding of which costs support a company's strategic position and which costs either weaken it or have no impact.
Purpose of financial accounting is communicating company position to investors. The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities.
An accounting which records and measures business transactions and is followed by general accepted accounting principles is classified as
An accounting which records and measures business transactions and is followed by general accepted accounting principles is classified as financial accounting. Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
Formal way of differentiating, between non-random and random variations, in manufacturing process is classified as
Formal way of differentiating, between non-random and random variations, in manufacturing process is classified as statistical process control. Statistical process control (SPC) is a method of quality control which employs statistical methods to monitor and control a process.
If value added manufacturing time is 65 minutes, total manufacturing time is 80 minutes, then manufacturing cycle time will be