To understand following features:
OPM Inventory conversion.
Material traceability: Enhanced material control
Dual UOM functionality.
Material Status control.
Advanced Lot control.
Lot indivisibility functionality.
Material aging workflow.
To understand following features:
OPM Inventory conversion.
Material traceability: Enhanced material control
Dual UOM functionality.
Material Status control.
Advanced Lot control.
Lot indivisibility functionality.
Material aging workflow.
Each ERP implementation has a set of main objectives, and one of them is to obtain Cost Accounting or Managerial Report for specific line of business.
As SAP, PeopleSoft or JD Edwards have such Cost Accounting module, we developed and offer a specialized module for Oracle Applications.
How to remove disable and cancel shipment functionality in enter purchase or...Ahmed Elshayeb
How To Remove Disable Cancel Shipment Functionality In Enter Purchase Order and Purchase Order Summary Forms
منع المستخدم من إستخدام إمكانية إلغاء شحنة علي أمر توريد تم الإستلام عليها من علي شاشة ملخص أوامر الشراء ومن شاشة إدخال أوامر التوريد
In the dating game of the web, you need more than just a pretty (inter)face and a winning smile. You need to woo your users in a complex ritual of seduction and delight. Only then will you win their hearts, minds and registration details. Sadly, too many sites focus purely on the chase, adding each new conquest into their little black book of registered users (moleskines presumably) before moving on to their next victim.
While one-night log-ins can be exciting, they aren't particularly satisfying. It's the quality rather than quantity of your relationships that count. A truly meaningful relationship takes time, understanding and sacrifice. The best relationships are born from a sense of shared ideals; they are supportive, caring and fun.
Using examples from the real world, this session will look at the various tips, tricks and techniques you can use to make your users fall in love with your product or service. So dim the lights, put Barry White on the stereo and get ready for a lesson in the fine art of user seduction.
Different techniques of costing in strategic management accounting discussed.
Marginal costing,budgetary control, standard costing,Activity based costing,responsibility costing.
In today's manufacturing environment, which makes sense, standard or actual costing?
https://benjaminwann.com/blog
Order the book here:
https://www.amazon.com/dp/B093QF4DD4
Check out my BPI- Business Process course on Udemy!
https://www.udemy.com/course/business-process-improvement-and-process-mapping/?referralCode=9A549649145AD26A9D06
LearningObjectivesAfter studying Chapter 8, you will be a.docxcroysierkathey
LearningObjectives
After studying Chapter 8, you will be able to:
Explain the signi�icance of pro�it analysis for an organization.
Describe the major characteristics and conditions of a standard cost system.
Understand the information contained in a standard cost sheet.
Compute materials price and usage variances, and identify potential causes of such variances.
Compute labor rate and ef�iciency variances, and identify potential causes of such variances.
Explain the major considerations that are the basis of standard costs for overhead and compute
budget variances and capacity variances for overhead.
Explain why the capacity variance is related only to �ixed overhead costs.
Understand issues relating to variance investigation and disposal of variances.
8 Cost Control Through Standard Costs
nd3000/iStock/Thinkstock
Explain how standard costs can be used in various different settings.
Describe ethical considerations relating to standards and variances.
WhereDoIStartWithStandardCosts?
Jean-Claude Recca, President of Rue de Lorraine, a chain of fast-food restaurants in central France, just
returned from a reunion of his INSEAD graduating class. During the day of activities in the Riviera, he talked
with several of his classmates who have become extremely successful in various businesses. One of those
classmates suggested to Jean-Claude that adoption of a standard cost system eliminated most of her �irm’s
unacceptable scrap and spoilage, caused an examination of nonvalue-added activities, and substantially
reduced several inef�icient operations.
Jean-Claude did not know whether his restaurant chain would really bene�it from a standard cost system. He
wondered: If he makes the change, which costs should be put on standards? How does he set up standards?
When do variances mean something? Isn’t a standard cost system expensive to use? Isn’t it a pain in the
derriere? Wouldn’t a tight budget do the same thing?
These questions were more than Jean-Claude could consider. He decided to bounce the idea of standard
costs off his controller.
In measuring success in any undertaking, a comparison is usually made between actual performance and expected
performance. Any difference is a variance. A manager is then left with the responsibility to explain the what, why,
and how of the variance. In doing so, the manager must understand the in�luence of key variables on the actual
results, focus on areas that deserve more detailed investigation, and determine changes that must be made in future
planning and control. This chapter introduces the concept of pro�it analysis and then concentrates on variances
associated with a standard cost system for direct materials, direct labor, and factory overhead.
8.1Pro�itAnalysis
Pro�it is an overall measure of how well an organization is doing. A pro�it variance then is the difference between
the actual net income and the planned net income for the same period. The causes of such a variance are related to
...
Meaning & Definition
Objectives of Cost Accounting
Advantages of Cost Accounting
Difference between Cost Accounting and Financial Accounting
Cost concepts and classifications
Elements of cost
This insightful PowerPoint presentation provides a comprehensive overview of Chapter 10 from the field of Managerial Accounting, focusing on the important concepts of Standard costs and variances.Through visually engaging slides and concise explanations, this presentation covers the fundamental principles of costs and variances demonstrating their significance in assessing organizational performance. Gain insights into the process of developing flexible budgets, including variance analysis and the assessment of cost and variance behavior patterns. Gain a comprehensive understanding of how Standard costing and variances can be utilized as a strategic tool for driving organizational success.
Required ResourceTextSchneider, A. (2017). Managerial Accounti.docxaudeleypearl
Required Resource
Text
Schneider, A. (2017). Managerial Accounting: Decision making for the service and manufacturing sectors (2nd ed.) [Electronic version]. Retrieved from https://content.ashford.edu/
· Chapter 5: Joint Cost Allocation and Variable Costing
· Chapter 8: Cost Control Through Standard Costs
Recommended Resource
Multimedia
Crosson, S. (2007). PVA ABC JIT – 4 ABC example (Links to an external site.) [Video File]. Retrieved from http://www.youtube.com/watch?v=eyH4l3VvOCU
Discussion 1 Allocating Joint Costs
Describe the three methods used to allocate joint costs. What are the advantages/disadvantages of each allocation method? Which method would you recommend? Why? Support your position with evidence from the text or external sources. Your initial post should be 200-250 words.
Guided Response: Review several of your classmates’ postings. Respond to at least two of your classmates by asking a question to challenge their recommended allocation method. Support your question and/or comments with evidence from the text or external sources.
Discussion 2 Variable/Absorption Costing
As you read in Chapter 8, there are arguments (for and against) variable costing and absorption costing. Select one of these costing methods and explore the various arguments. Determine whether you are “for” or “against” this selected method. Provide evidence from the text to support your position. Your initial post should be 200-250 words.
Guided Response: Review several of your classmates’ postings. Respond to at least two of your classmates who explored a different costing method than your own by stating whether you agree or disagree with their position. Be sure to include cited support/examples to clarify your point of view.
LearningObjectives
After studying Chapter 8, you will be able to:
Explain the signi�icance of pro�it analysis for an organization.
Describe the major characteristics and conditions of a standard cost system.
Understand the information contained in a standard cost sheet.
Compute materials price and usage variances, and identify potential causes of such variances.
Compute labor rate and ef�iciency variances, and identify potential causes of such variances.
Explain the major considerations that are the basis of standard costs for overhead and compute
budget variances and capacity variances for overhead.
Explain why the capacity variance is related only to �ixed overhead costs.
Understand issues relating to variance investigation and disposal of variances.
8 Cost Control Through Standard Costs
nd3000/iStock/Thinkstock
Explain how standard costs can be used in various different settings.
Describe ethical considerations relating to standards and variances.
WhereDoIStartWithStandardCosts?
Jean-Claude Recca, President of Rue de Lorraine, a chain of fast-food restaurants in central France, just
returned from a reunion of his INSEAD graduating class. During the day of activities in the Riviera, he talked
with several o ...
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
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A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
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1. www.Oraclemfgblog.wordpress.com
Inventory Cost Accounting Method selection for a Manufacturing Organization: Average Vs Standard Costing
One decision which is often considered as one of the most important decision to make while implementing an ERP
system is selecting an appropriate Costing method for your organization. Two most commonly used costing methods are
Average and Standard Costing.
The Article presents a quick analysis of important considerations while selecting the costing method for your
manufacturing organization and presents a brief comparison of two Costing Methods. Based on my experience, I have
tried to cover the areas which I think are most important for selecting the right Costing Method.
Standard Costing Average Costing
Costing Method
Description
Predetermined costs are used for valuing inventory
in Standard Costing environment.
Predefined item costs are used or purchased items.
Whereas, for manufactured items, standard cost is
generally derived from Cost Rollups on the basis of
associated BOM and Routing; predefined resource and
overhead costs are used towards the same.
Differences between standard costs and actual
costs are recorded as multiple variances (such as
Purchase price variance, Material & Resource usage
variance for Job etc.)
Weighted Average Item Cost is used for valuing
inventory in Average Costing environment. Average
Item Cost is perpetually computed based on receiving
material transactions while all issue transactions use this
average cost.
For purchased items, this is a weighted average of the
actual procurement cost of an item, for manufactured
items, this is a weighted average of the cost of all
resources, materials and overheads consumed.
Formula for average cost computation:
Average Cost = (transaction value + current inventory value) /
(transaction quantity + current on-hand quantity)
Relevant Business
Scenarios
Relatively steady procurement cost (for raw material,
components)
Manufacturing environments where BOM/Routing
details can be standardized to a large extent: Build to
Stock or Assemble to Order scenarios
Standard Costing method is commonly used across
Large variation in procurement cost (for raw material,
components) on a frequent basis
Large stockpile of inventory is maintained (no
differentiation of old vs. new stock)
Non-standard production environment: Build to Order
scenarios
2. www.Oraclemfgblog.wordpress.com
several Manufacturing industries spanning across
Automotive, Electronic goods, FMCG, Food and
Dairy Products, Pharmaceuticals industries
These scenarios are typically present in industries
such as Oil & Petro Chemicals, Agriculture, Heavy
Industry and Industrial Manufacturing involving large
commodities
Cost Control & Variance
Tracking
Standard Costing provides a very good control over
costs as inventory is valued based on predefined item
costs. It also provides robust performance measurement
as multiple variances are recorded based on the
differences between planned and actual costs.
Each of the variances can be monitored and analyzed to
identify the scope for efficiency improvements. Following
types of variances can be tracked:
Purchase Price and Invoice Price Variances
Material usage Variance
Resource, OSP & Overhead efficiency Variance
Standard Cost adjustment Variance
Average Costing perpetually updates the average cost
based on actual transactions and values the inventory
and Jobs based on actual transactions.
As compared to Standard Costing, there is a very limited
control on the Item Cost in Average Costing and very few
variances can be recoded. Invoice Price Variance can be
recorded.
Cost Administration Standard Costing needs active administration and
control. Following activities are typical towards
administering Standard Costing:
Revise Predefined Item Costs for each period
Perform Cost Rollups for make items in each period to
reflect revised cost for "Make" assemblies
Analyze cost variances and root cause analysis for the
recorded variances; take remedial actions to control
the variances in future periods
Perform standard cost adjustments whenever required
Average Costing requires less administration and
minimal intervention is required from business users.
Following activities may be required to administer
average costing:
Review Item Cost History time-to-time
Perform Average Cost adjustments if required
Product Pricing and
Profit Margin Calculation
Both pre-defined costs as well as recorded variances
need to be analyzed for validating Product Pricing and
estimating Product profitability accurately.
Since average costs are computed based on actual
transaction values, no variances are being recorded.
3. www.Oraclemfgblog.wordpress.com
Detailed root-cause analysis must be undertaken to
identify the exact reasons for recorded variances. Some
of them may be attributable to engineering design while
some may be due to operational inefficiencies. Doing
this analysis will help in deciding the Product pricing
realistically for the future.
Up-to-date Average Cost can be reviewed along-with the
cost history to validate Product pricing and estimate the
product profitability.
Benefits Good control over item cost and inventory valuation
Accurate tracking of variances
Good Performance Management tool: Easy to fix
responsibility for each kind of variance
Easy to identify required operational improvements
Automatically value inventory at moving average
item cost
No need to define any pre-defined costs
No need to track variances
Easily determine profit margin based on actual cost
Challenges Higher administration overhead
o Define item costs for each period
o Perform cost rollups for each period
o Variance analysis for each period
Product Profit Margin computation to include direct
costs (planned) as well as variances
Higher standardization required in engineering
phase in order to account for all operational issues.
Very limited control over item costs
No Variances are recorded and all operational
inefficiencies are included as part of actual costing
Difficult to assign responsibility for operational
inefficiencies
PS: I have not covered any system related information or setups in this article (I shall be writing another article to present
a solution to reap benefits of both costing methods in one organization based on Oracle Applications ERP platform).
Hope you will find this analysis interesting; your suggestions and feedback are most welcome!
Regards,
Manu Singhal