strategic cost analysis
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The document discusses strategic cost management, cost reduction, and value engineering. It defines strategic cost management as using cost information to develop superior strategies. It describes cost reduction as permanently lowering unit costs without compromising quality or suitability. Value engineering is defined as systematically analyzing functions to explore ways to improve performance and increase the value of products and services.
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Strategic cost management devika rajagopal
Strategic cost management is a program that businesses use to regularly identify and analyze cost drivers to lower costs and maximize value. It allows businesses to not only lower costs but gain a competitive advantage. Strategic cost management involves creating a strategic plan, prioritizing operations, and ensuring efficient use of resources. Once implemented, it brings transparency to costs and allows managers to make timely cost decisions. It can also show which customers are most or least profitable. The framework includes core functions, value-adding activities, and support activities. Effective strategic cost management requires support from top management, integrated information systems, and cross-functional teams.
Strategic cost management
This document discusses value chain analysis, which was first proposed by Michael Porter in 1985. It involves identifying a firm's primary and support activities that add value to its products or services and analyzing them to reduce costs or increase differentiation. The key stages of value chain analysis for strategic cost management are identifying activities, establishing their costs and importance, comparing costs, identifying cost drivers, and finding opportunities to reduce costs or improve value through internal and external linkages. This allows firms to assess their competitive positioning and strategically improve quality, reduce time and costs, and increase benefits for both the firm and partners in the value chain.
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This document summarizes a presentation given to the Finance Leaders Association on strategic cost management. It discusses various global economic and political drivers that impact strategic costs, such as commodity prices, trade agreements, and banking regulations. It also outlines considerations for current strategic costs, such as healthcare reforms, deficit reduction proposals, and trade discussions. Finally, it discusses the role of strategic cost management in impacted decisions regarding product design and distribution channel choices.
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The document discusses strategic cost management (SCM) as an important tool for gaining competitive advantage. SCM analyzes costs in the broader context of a firm's overall value chain. It helps firms understand their cost structures to develop superior strategies. SCM uses tools like value chain analysis, activity-based costing, and analysis of cost drivers to examine how firms can configure activities to reduce costs or pursue different competitive strategies like cost leadership or differentiation.
Strategic Cost Management
Activity-based costing (ABC) assigns overhead costs to products and services based on their use of resources such as machine hours or labor hours. It was developed to more accurately assign indirect costs than traditional costing methods. ABC identifies activities performed in an organization and assigns costs to these activities using cost drivers. The costs of activities are then assigned to products or services based on their use of each activity. This provides managers with more accurate product costs to make better-informed decisions.
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Strategic cost management requires understanding what customers want and will pay for, as well as the costs to provide products and services. Managers need integrated information systems focused on the future rather than just reporting past results. Traditional accounting is not sufficient and most important information is non-financial. Cost management is most effective early in development as 85% of costs are committed at that stage. All parts of the value chain from suppliers to customers must be managed for effective cost control.
Recommended
Strategic cost management devika rajagopal
Strategic cost management is a program that businesses use to regularly identify and analyze cost drivers to lower costs and maximize value. It allows businesses to not only lower costs but gain a competitive advantage. Strategic cost management involves creating a strategic plan, prioritizing operations, and ensuring efficient use of resources. Once implemented, it brings transparency to costs and allows managers to make timely cost decisions. It can also show which customers are most or least profitable. The framework includes core functions, value-adding activities, and support activities. Effective strategic cost management requires support from top management, integrated information systems, and cross-functional teams.
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This document discusses value chain analysis, which was first proposed by Michael Porter in 1985. It involves identifying a firm's primary and support activities that add value to its products or services and analyzing them to reduce costs or increase differentiation. The key stages of value chain analysis for strategic cost management are identifying activities, establishing their costs and importance, comparing costs, identifying cost drivers, and finding opportunities to reduce costs or improve value through internal and external linkages. This allows firms to assess their competitive positioning and strategically improve quality, reduce time and costs, and increase benefits for both the firm and partners in the value chain.
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Project by Indian Society of Management Accountants with Group of MBA Students www.cmaonline.in
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This document summarizes a presentation given to the Finance Leaders Association on strategic cost management. It discusses various global economic and political drivers that impact strategic costs, such as commodity prices, trade agreements, and banking regulations. It also outlines considerations for current strategic costs, such as healthcare reforms, deficit reduction proposals, and trade discussions. Finally, it discusses the role of strategic cost management in impacted decisions regarding product design and distribution channel choices.
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The document discusses strategic cost management (SCM) as an important tool for gaining competitive advantage. SCM analyzes costs in the broader context of a firm's overall value chain. It helps firms understand their cost structures to develop superior strategies. SCM uses tools like value chain analysis, activity-based costing, and analysis of cost drivers to examine how firms can configure activities to reduce costs or pursue different competitive strategies like cost leadership or differentiation.
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Activity-based costing (ABC) assigns overhead costs to products and services based on their use of resources such as machine hours or labor hours. It was developed to more accurately assign indirect costs than traditional costing methods. ABC identifies activities performed in an organization and assigns costs to these activities using cost drivers. The costs of activities are then assigned to products or services based on their use of each activity. This provides managers with more accurate product costs to make better-informed decisions.
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The document discusses traditional versus strategic approaches to cost management. Traditional cost cutting involves indiscriminately cutting expenses through means like reducing employee headcount, product components, or maintenance which can damage a brand. Strategic cost cutting aligns reductions with business objectives and strategy to improve profitability and competitive position in a controlled manner. While traditional approaches are reactive and uncertain, strategic cuts are planned and aim to support long-term wins. The document advises determining the root cause of cost issues and establishing goals before deciding between traditional short-term or strategic long-term approaches.
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- Organizational structures like centralized and decentralized purchasing, and examples of purchasing department structures.
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BP Presentation. Strategic Cost Management - A Profitability Tool, ICPAS Nort...
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Summary: Strategic Cost Management: New Wine or New Bottles
This is a summary of an article by John K. Shank. Mind you, this was back in 1989, therefore should serve the purpose of historical trace.
Management Accountants were lagging to embark in the issues of strategy. When SCM finally defined, was it really a new concept, or just an old wine with a new bottle?
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A presentation by Steven A. Melnyk, Professor of Operations and Supply Chain Management, Michigan State University, USA.
Delivered during the 38th annual SAPICS event for supply chain professionals in Sun City, South Africa.
Performance measurement plays a critical role in every organization. It is also undergoing a dramatic transformation. This presentation explores the changes taking place and the implication of these changes for the supply chain manager. It identifies and investigates the critical changes – from control to communication; from being backwards oriented to feedforwarding.
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This document discusses techniques for managing supplier relationships in procurement and supply chains. It covers classifying commercial relationships using portfolio analysis, assessing relationships based on supply risk factors, and positioning supplies and suppliers using tools like the Kraljic portfolio model. The document also explains techniques for supplier relationship management, development, and relationship improvement such as Pareto analysis, supplier preferencing models, and managing relationships based on a supplier's strategic potential and attractiveness as a customer.
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This document discusses strategic management accounting. It begins by defining strategic management accounting as the role of management accounting in strategic analysis, planning, and control of organizations. It then discusses various strategic management accounting techniques like life cycle costing, kaizen costing, target costing, and benchmarking. The document explains these techniques and provides examples. It also discusses Porter's competitive strategies of cost leadership, differentiation, and focus. Finally, the document defines strategic management accounting according to various authors and discusses exploiting internal and external linkages through value chain analysis to gain competitive advantage.
Cips l5 01 management in the purchasing function
This document provides an overview of management and organizational behavior concepts relevant to the purchasing function. It discusses key topics such as:
- The definition of management and organizational behavior, and the importance of understanding individual, group, and organizational levels of analysis.
- The management process of planning, organizing, leading, and controlling.
- Organizational structures like centralized and decentralized purchasing, and examples of purchasing department structures.
- Additional concepts that impact the purchasing function such as stakeholder management, communication flows, and organizational culture.
The document aims to outline fundamental management principles and how they relate to effective management within the purchasing and supply chain context. It provides a comprehensive introduction to the subject area.
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The control process involves establishing standards, measuring actual performance, comparing performance to standards, and taking corrective action. There are three main types of control: feedforward focuses on resources before actions; feedback focuses on outputs after actions; and concurrent monitors ongoing activities. Standards can be physical, cost-related, capital-related, revenue-related, intangible, goals, or strategic. Effective control systems are accurate, reasonable, timely, economical, flexible, understandable, emphasize exceptions, and use multiple criteria with corrective action. Control tools include information systems, financial tools like budgets and ratios, analytical tools, and traditional tools like reports.
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This document discusses various techniques for organizational and financial appraisal. It begins by introducing performance appraisal as a system to measure employee effectiveness and efficiency. Traditional methods of performance appraisal focused on personal qualities like knowledge and initiative, using techniques like ranking, rating scales, and critical incidents. Modern methods aimed to reduce bias, including management by objectives, behaviorally anchored rating scales, and human resource accounting. Additional techniques discussed include assessment centers, 360/720-degree feedback, and financial analysis methods like ratio, trend, and funds flow analysis. The document concludes that the best technique depends on the organization's needs as each has pros and cons.
Cost Reduction Strategies:Focus and Techniques
This is a highly concentrated presentation that addresses the differences among price, cost, and TCO; what cost reduction strategies to focus on; and an overview of various techniques, as well as when and where to use them. Faced with excruciating competitive pressures, many senior C-Level executives require maximum effort from every part of their organization to survive. Today, purchasing, acquisition, procurement, contracting, and supply management professionals must be the most progressive cost reduction oriented group in the company.
For many organizations, senior C-Level executives set forth annual purchasing, acquisition, procurement, contracting, and supply management goals that mandate cost reductions. Regardless of the cost savings, avoidances, or containments achieved previously, you are faced with new cost reduction initiatives and objectives.
To make the goal of cost reduction a reality, we cannot focus solely on the price. We must examine the total cost of ownership to your organization, which means moving beyond the organizational environs to include suppliers, internal customers, other allied business functional entities, and external customers. By working both internally and externally with these stakeholders, cost reduction opportunities will become visible.
A typical purchasing, acquisition, procurement, contracting, or supply management professional will help reduce supplier prices and avoid incremental costs. A good purchasing, acquisition, procurement, contracting, or supply management professional will reduce costs by lowering both costs of acquisition and risks of supply. A great purchasing, acquisition, procurement, contracting, or supply management professional will reduce total costs across the board, increase service levels to the internal customer, make a significant contribution to the bottom line, seek value-added opportunities, and help to delight the organization’s customer. This type of professional also balances supply related costs and cycle time for the lowest overall cost, at the best value, while seeking risk optimization rather than risk minimization strategies.
Experience curve
The document discusses the concept of an experience curve, which shows that the real production cost of a product declines by 20-30% for every doubling of cumulative production quantity. It notes that experience curves and learning curves are sometimes used interchangeably but have different meanings, with experience curves reflecting all costs at a macro level and learning curves specifically relating to labor hours and costs. The document also outlines some strategic, internal, and external uses of experience curves, such as determining pricing, scheduling, and estimating costs.
management accounting
simple theories of management accounting presentation. and some one willing to learn MA can follow those out lines with some reference books to have good knowledge in MA.
Unit 5- Strategic options and choice techniques
portters five generic stratigies,grand strategies, the balance score card,corporate level analysis tools,grand strategy slection matrix
Quality Improvement And Cos Reduction
This document discusses approaches to quality improvement and cost reduction. It outlines the costs of sporadic and chronic quality problems and recommends taking a project-based approach to address chronic issues. The key steps in the project approach include proving the need for the project, identifying the project, organizing a project team, verifying the need and mission, diagnosing causes, providing and proving remedies, and instituting long-term controls. Management approval requires justifying the size and costs of quality problems and showing potential benefits. Successful projects typically address chronic cross-department issues, have modest costs, and are completed within 6 months.
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The document discusses strategic cost analysis and planning collaboration between planners and finance at City University London. It outlines who Develin Consulting is and their experience working with universities. It emphasizes that achieving financial sustainability through scenarios requires planners and finance to work closely together using shared cost analysis and modeling to guide strategic decision making. Key elements of their collaboration include developing rules of thumb for how costs change with activities, creating visualizations to build common understanding, and integrating financial targets into all planning and proposals for change.
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Cost accounting tracks and analyzes costs to help businesses control expenses and maximize profits. Target costing determines the cost at which a product must be produced to generate desired profits at its anticipated selling price. It involves defining the product, setting cost targets, achieving targets, and maintaining competitive costs. Kaizen costing maintains present costs for existing products through continuous improvement efforts. Activity-based costing assigns overhead costs based on activities and cost drivers rather than direct labor hours, providing more accurate product costs.
ACTIVITY BASED COSTING
Activity-based costing (ABC) is a management accounting approach that allocates overhead costs to products and services based on the activities consumed and resources used to produce them. It identifies major activities in a company and traces the costs of each activity back to the products. There are two stages - costs are first allocated to activities, then activities are allocated to products using cost drivers that represent consumption of activities. ABC provides more accurate product costs than traditional volume-based allocation and helps identify unprofitable products. It is useful when overhead costs are significant or product complexity varies widely.
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Activity based costing
Activity-based costing (ABC) assigns costs to products by tracing expenses to activities. Resources are spent on activities, which are consumed by cost objects like products. The ABC model involves 5 steps: 1) identify resources, 2) identify activities, 3) identify cost objects, 4) determine resource drivers to link resources to activities, and 5) determine activity drivers to link activities to cost objects. This allows costs to be traced from resources to activities to cost objects to determine the actual costs of products and services.
Target costing
Target costing is a technique used to design products and processes to achieve a target cost that allows the product to be sold at a predetermined price and achieve the desired profit margin. It focuses on reducing costs during the design stage when changes are easier to make. Implementing target costing involves determining specifications, price, profit, and calculating the target cost. The gap between estimated and target costs is then closed through redesigning the product or process. Value analysis examines which features customers value and which costs can be reduced without affecting customer perceived quality.
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State Bank of India (SBI) is India's largest bank with over 200 years of history. It has a large network of over 14,000 branches across India and 73 overseas offices. SBI offers a wide range of corporate, commercial, and retail banking services. Some key points about SBI include its large size and market share in India, acquisition of banks in other countries, and recognition as one of the oldest and most established banks in India. The document provides an overview of SBI's history, operations, management, products, and awards.
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Activity-Based Costing System
Here are the steps to solve this problem:
2. The activity rates are computed as:
Assembling units: AED. 280,000/1,000 units = AED. 280 per unit
Processing orders: AED. 310,000/250 orders = AED. 1,240 per order
Supporting customers: AED. 100,000/100 customers = AED. 1,000 per customer
Activity-Based Costing System 26
3. The table showing overhead costs for VB's 80 units and 4 orders is:
Description Amount (AED.)
Direct materials cost (80 units x AED. 180) 14,400
Direct labor cost
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Target costing is a technique where the target cost of a product is determined based on the desired selling price minus the target profit. It involves setting cost reduction targets during product planning and development to achieve the target cost. The benefits of target costing include increased profitability of new products and providing information to forecast future costs.
Life cycle costing accumulates costs over the entire
life cycle costing
Life cycle costing is defined as the total cost of owning an asset over its entire life, from acquisition through operations and maintenance to disposal. It considers all costs associated with a product or asset over multiple stages - planning and design, manufacturing and sales, and service and abandonment. Calculating life cycle costs helps management understand cost consequences, identify areas for cost reduction, and make better decisions around product development, pricing, and discontinuation.
Activity based costing
Activity based costing (ABC) is a management accounting approach that allocates direct and indirect costs to products and services based on the activities and resources required to produce them. It provides more accurate cost and profit information than traditional methods by tracing costs to activities and then to cost objects using activity drivers. The key steps in ABC are identifying activities and resources, assigning resource costs to activities, and assigning activity costs to cost objects using activity consumption drivers. This allows management to understand cost and profitability at a more granular level and improve decision making.
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Lecture slide titled Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria - Prof Oyedokun.pptxRole of Information Technology in Revenue - Prof Oyedokun.pptx
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After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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strategic cost analysis
- 1. Presented to Presented by Prof rajiv nayan Pankaj &pradip
- 2. content Strategic cost management Cost reduction Value engineering
- 3. Strategic cost managemant Strategic cost management is an approach to management accounting that highlights strategic issues &concerns. It sets cost analysis in a broader context in which cost Information is used to develop superior strategies.
- 4. Cost reduction Cost reduction is to be understood as the achievement of real & permanent reductions in the unit costs of goods manufactured or services rendered without impairing their suitability for the use intended.
- 5. Scope Design Factory organisation & production method Marketing Administration Finance
- 6. advantage To the concern To the industry To the nation
- 7. Value engineering meaning: a value analysis is a systematic analysis & evaluation of the techniques & functions in the various spheres of an organisation with a view to exploring channels of performance improvement, so that the value in the particular product or services can be bettered.