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Essay / Research Paper Abstract
This 4 page paper looks at costing methods suitable for the 21st century. The paper answers 3 questions, the first looks at the benefit of value costing principles. The second considers the use of more ‘tried and tested’ methods of the 20th century and the last part of the paper discusses the ongoing need for cost profit volume analysis. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEcost21.rtf
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Unformatted sample text from the term paper:
looking at the costs that are incurred and the real cost of providing each good, or service, to the purchaser has a great deal to offer the modern firm. Most
firms want to maximise their revenues, but this odes not always equate to the maximisation of the profits, especially where there is the use of more traditional practices such as
marginal costing. The development of technology and changes in supply chains have impacted on the way costs are incurred as well as the way the real value of a good
or service can be calculated. The use of value costing can create a better basis for making pricing decision, so that the cost of a product or service is reflected
in the way that it is priced. Value costing can be seen as effective as it preventing pricing decision based only on revenue maximization that can result in the undervaluing
of a good or service by a customer, by understanding to total cost that is inherent in the provision better pricing decision can be made, If this is the case
some goods may see price increases, but other may also see decreases and the market will be more reflective of the costs in general. However, there may also be times
when the use of this may not always be beneficial, there may be times when other strategies, such as revenue maximization may be advantageous. Question 2 Value costing
methods may be beneficial in the way that they provide transparency for management in pricing decision, but there are times when more traditional "tried and tested" approaches to costing may
be more suitable for use. Value-based costing approaches based on the ability to estimate the costs accurately, which involves looking forward unmaking accurate for costs, it is only after these
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