what is control cost
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- DEFINITION of 'Cost Control'. The practice of managing and/or reducing business expenses. Cost controls starts by the businesses identifying what their costs are and evaluate whether those costs are reasonable and affordable.Then, if necessary, they can look for ways to cut costs through methods such as cutting back, moving to a less expensive plan or changing service providers.The cost-control process seeks to manage expenses ranging from phone, internet and utility bills to employee payroll and outside professional services.hen, if necessary, they can look for ways to cut costs through methods such as cutting back, moving to a less expensive plan or changing service providers. The cost-control process seeks to manage expenses ranging from phone, internet and utility bills to employee payroll and outside professional services.
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cost center Cost Center. A department or other section of a company where managers are directly responsible for costs. For example, consider a company that has a manufacturing department, a research and development department, and a payroll department.ach department could be a cost center, and the directors of each department would be responsible to keep costs to as low a level as possible. The company thus accounts for each cost center separately, which allows managers to take immediate responsibility for cost growth and credit for cost cutting.
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Chapter 7-Production and Cost Long-Run Total Cost (LRTC). the cost of producing each quantity of output when all inputs are variable and the least-cost input mix is chosen-The long-run total cost of producing a given level of output can be less than or equal to, but not greater than, the short-run total cost (LRTC≤TC).
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cost containment The process of controlling the expenses required to operate an organization or perform a project within pre-planned budgetary constraints. The cost containment process is an important management function that helps keep costs down to only necessary and intended expenses in order to satisfy financial targets.
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Price Controls, Price Ceilings, and Price Floors Rent Control, from the Concise Encyclopedia of Economics Rent control, like all other government-mandated price controls, is a law placing a maximum price, or a rent ceiling, on what landlords may charge tenants.
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What is 'Quality Control' What is 'Quality Control'. Quality control is a process through which a business seeks to ensure that product quality is maintained or improved and manufacturing errors are reduced or eliminated. Quality control requires the business to create an environment in which both management and employees strive for perfection.
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Shared Flashcard Set 24.A cost item is considered to be controllable if there is not a large difference between actual cost and budgeted cost for that item. 25.The terms direct fixed costs and indirect fixed costs are synonymous with traceable costs and common costs, respectively.
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Economics (Estimated Cost Savings for Treatment vs. Law Enforcement) This study found that the savings of supply-control programs are smaller than the control costs (an estimated 15 cents on the dollar for source-country control, 32 cents on the dollar for interdiction, and 52 cents on the dollar for domestic enforcement).
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Question: 18.Management by exception Question 18 options:  means that material differences will... 20.A cost is considered controllable at a given level of managerial responsibility if. Question 20 options: it is a variable cost, but it is uncontrollable if it is a fixed cost. it changes in magnitude in a flexible budget. the cost has not exceeded the budget amount in the master budget. the manager has the power to incur the cost within a given time period.
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- Project Controls cost range from 0.5% to 3% of total project, (including cost accounting), therefore, to break even, Project Control needs to improve cost effectiveness by around 2%.
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Project Cost Management Last Moment Revision: 1  Actual Cost (AC): AC is the total cost incurred in accomplishing work on the schedule activity or WBS component during a given time period. It is also referred as ACWP (Actual Cost of Work Performed). 2  Budget At Completion (BAC): The estimated total cost of the project when done.
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general ledger control account - an account that shows totals of amounts entered in a subsidiary ledger. general ledger - the ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts)
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COST CONTROL COST CONTROL. Photo by: Ni Chun. Cost control, also known as cost management or cost containment, is a broad set of cost accounting methods and management techniques with the common goal of improving business cost-efficiency by reducing costs, or at least restricting their rate of growth.
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cost center A cost center is part of an organization that does not produce direct profit and adds to the cost of running a company.Employees and cost center management are responsible for its costs but not for the revenues or investment decisions.ypically, companies classify business units as either cost centers, profit centers or investment centers. While the cost of running a particular department is easy to measure, cost centers create incentives for managers to underfund their units in order to benefit the cost center.
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Price controls Price controls are governmental restrictions on the prices that can be charged for goods and services in a market.
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- The Jigsaw Jones Mysteries is an American series of young children's detective fiction written by New York author James Preller. The series is published by Scholastic Corporation.
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Lower of cost or market Lower of cost or market. Lower of cost or market (LCM or LOCOM) is a conservative approach to valuing and reporting inventory. Normally, ending inventory is stated at historical cost. However, there are times when the original cost of the ending inventory is greater than the net realizable value, and thus the inventory has lost value.
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- welcome to security and control llc (sac) Security and Control LLC is a low-cost alternative professional services firm which provides high quality, high touch customized information technology and accounting security, audit and control assessment and advisory services.
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- Locus of Control (LOCP): Locus of control is a learned behaviour where in which the individuals attribute responsibility for events or to factors within themselves and within their control or to factors outside their control Rotter (1954; 1960 and 1972).
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When Youâve Got to Cut CostsâNow The all-in cost of each supervisor is 50% higher than that of the individuals she supervises, and the average span of control is five.If you cut the frontline staff by 20% and left management alone, overall cost savings would be just14%.
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Cost control in building design and construction Encouraging the project team to design within the cost plan at all stages and follow the variation/change and design development control procedures for the project. It is generally acknowledged that 80% of cost is determined by design and 20% by construction.
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Transfer Pricing Cost Plus Method. The cost plus method compares gross margins of controlled and uncontrolled transactions. Under this method, the arm’s length price is measured by adding an appropriate gross profit to the controlled taxpayer’s cost of producing the property involved in the controlled transaction.
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Price ceiling Rent control is a price ceiling on rent. When soldiers returned from World War II and started families (which increased demand for apartments), but stopped receiving military pay, many could not deal with the jumping rent. price ceiling is a government-imposed price control or limit on how high a price is charged for a product.
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COST CONTROL Some cost control proponents believe that such strategic cost-cutting must be planned carefully, as not all cost reduction techniques yield the same benefits.ome cost control proponents believe that such strategic cost-cutting must be planned carefully, as not all cost reduction techniques yield the same benefits.
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Skip to main content About Us Contact Us FAQs Language AssistanceU.S. Department of EducationStudent Loans Grants Laws Data The restricted indirect cost rate formula is described at 34 CFR 75.564 and 76.565. The formula limits the general management costs that can be included in the indirect cost pool (numerator) and requires adjustments to the MTDC base (denominator).
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Economic Order Quantity and Economic Production Quantity Models for Inventory Management Inventory control is concerned with minimizing the total cost of inventory. In the U.K. the term often used is stock control. The cost of holding the stock (e.g., based on the interest rate). The cost of placing an order (e.g., for row material stocks) or the set-up cost of production. The cost of shortage, i.e., what is lost if the stock is insufficient to meet all demand.