Tag Archives | Cost Management

Balanced Scorecard: Concept, Performance Indicators and Advantages

In this article we will discuss about:- 1. The Concept of Balanced Scorecard 2. Key Performance Indicators 3. Advantages of Balanced Scorecard. The Concept of Balanced Scorecard: Balanced scorecard (BSC) is a tool for effective implementation of strategy. It measures progress in achieving long-term objectives set out in the corporate plan, which translates strategy into action plan. It was created [...]

By |2018-05-16T07:31:19+00:00May 16, 2018|Balanced Scorecard|Comments Off on Balanced Scorecard: Concept, Performance Indicators and Advantages

Strategic Cost Management | Accounting

The strategic cost management (SCM) is a fundamentally new way of managing an organization. It comprises: (a) A strategic analysis of the business to identify unprofitable products, customers, marketing and distribution channels, etc. (b) An evaluation of the business from a value chain perspective. Linkages, both internally and externally, are taken into consideration. (c) The optimization of business processes and [...]

By |2016-12-12T08:06:18+00:00December 12, 2016|Cost Accounting|Comments Off on Strategic Cost Management | Accounting

Need for Cost Management | Accounting

In this article we will discuss about the need for cost management. The business environment has changed dramatically after 1980s. Improved communication and transportation systems brought about a much more competitive environment. Spending on marketing and distribution has increased. The modern organizations started exercising strict control over manufacturing costs. Information technology changed the way organizations conducted business. Large volumes of [...]

By |2016-12-12T08:06:18+00:00December 12, 2016|Cost Management|Comments Off on Need for Cost Management | Accounting
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