costbenefitanalysis- to be.pptx
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Cost-benefit analysis is a systematic approach to estimating the strengths and weaknesses of alternatives to determine the best option. It measures all positive and negative consequences of a decision, project, or policy in monetary terms. The main applications of CBA are to determine if an investment's benefits outweigh its costs, and to compare total expected costs and benefits of different options. The ultimate goal of CBA is to adopt financial operations that produce more benefits than costs for an organization to survive and prosper.
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Accounting > Cost Accounting
Overview
Cost accounting is the application of accounting and costing principles to the tracking, recording and analysis of the costs associated with the products or services a business produces and the activities involved in the production process. Broadly speaking, cost accounting objectives include the preparation of statistical data, application of cost accumulation and cost control methods to production processes and analysis of an organization's profitability as compared with previous periods of time and projected budgets. Cost accountants use basic accounting techniques to compile and analyze data to meet these objectives. In performing these tasks, cost accountants work within the controller's office or the accounting department of most companies. And in addition to any internal company policies that govern their duties, cost accountants must consider the ethical principles that guide the accounting and financial reporting industries. The following sections provide a more in-depth explanation of these concepts.
Introduction to Cost Accounting
Cost accounting identifies, defines, measures, reports and analyzes the various elements of direct and indirect costs associated with producing and marketing goods and services. Cost accounting also measures performance, product quality and productivity. Direct costs can be directly traced to producing specific goods or services, such as the cost of raw mater ...
Student Name.docx
This document provides an introduction to accounting concepts and techniques. It discusses how accounting helps identify a company's economic position and gain or loss through measuring and communicating financial and non-financial information. The purpose of accounting is to provide useful information to managers, shareholders, and employees. The document then examines several quantitative and qualitative accounting techniques used by organizations, including planning, activity-based costing, just-in-time, and break-even analysis. It defines fixed and variable costs, and how understanding the distinction between them can help managers with decision-making. Finally, it explains that the break-even point is the production level where total revenues equal total costs, and provides the equation for computing the break-even point in units or
Software Engineering Economics Life Cycle.
Software Engineering Economics Life Cycle.
Software Engineering Economics Life Cycle.
Software Engineering Economics Life Cycle.
Software Engineering Economics Life Cycle.
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- 1. Cost Costis defined as the cash amount (or the cash equivalent) given up for an asset. Costdenotes the amount of moneythat a company spends on the creation or production of goods or services. This is the amount that the seller charges for a product, and it includes both the productioncostand the mark-up, which is added by the seller in order to make a profit.
- 2. Cont… Any negative effect on an organization resulting from the implementation of the project. Example 1.Maintenance costs 2.Environment 3.Research anddevelopment 4.Labourcosts, etc.
- 3. Benefit Something that produces good or helpful results or effects or that promotes well-being A benefit is any positiveeffect on the organization resulting from the implementation of theproject.
- 4. Cont… Example 1. Increase inproductivity 2. Reduction incosts 3. Savingtime, Etc.
- 6. Definition Cost–benefit analysis(CBA), sometimes also calledbenefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives used to determine options which provide the best approach to achieving benefits while preserving savings (for example, in transactions, activities, and functional business requirements). CBA may be used to compare completed or potential courses of actions, or to estimate (or evaluate) the value against thecostof a decision, project, or policy.
- 7. Cont… An approach to make economic decisions of any kind. Economic evaluation technique that measures all the positive (benefits) and negative (cost) consequences of an intervention or programme in monetaryterms. Or It is a process for evaluating the merits of a particular project in a systematic way in terms of cost & benefits of theproject.
- 8. Applications of CBA CBA has two main applications: To determine if an investment (or decision) is sound, ascertaining if –and by how much –its benefits outweigh its costs. To provide a basis for comparing investments (or decisions), comparing the total expected cost of each option with its total expected benefits.
- 9. Concept Cost benefit is a tool which modern financial analysts adopt before undertaking any financial operation or commercial activity. The ultimate aim of a business organization is to make profits. Therefore,any system in the organization must produce more benefits as compared to its costs for the organization to survive &prosper.
- 10. Cont… A cost benefit analysis is done to determine how well, or how poorly, aplanned action will turnout. The analysis relies on the addition of positive factors and the subtraction of negative ones to determine a netresult. CBA has been established primarily as a tool for use by governments in making their social and economicdecisions.