cost conscious meaning
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Definition of cost consciousness Definition of cost consciousness. a company-wide attitude about the topics. of cost understanding, cost containment, cost avoidance, and cost reduction. A method of costing in which all fixed and variable production costs are charged to products or services using an allocation base.
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- You Get Happy. Cost Savings Initiatives, LLC (“CSI”) believes in taking a holistic active approach to manage costs and reduce expenses for your business or organization.ur Goal is Simple – We help you Increase Revenues and Decrease Expenses. There is no reason to leave money on the table. Our cost reduction services will maximize your savings by utilizing the newest technology, using our vast industry expertise and by leveraging the buying influence of a large network of purchasers.
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Cost Cost, in common usage, the monetary value of goods and services that producers and consumers purchase. In a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others. This fundamental cost is usually referred to as opportunity cost.
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- Average annual precipitation is heaviest in northwestern South Carolina, and annual totals vary directly with elevation, soil type, and vegetation. In the Mountains, between 70 to 80 inches of rainfall occur at the highest elevations, with the highest annual total at Caesars Head (79.29).
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- DEFINITION of 'Relevant Cost'. A managerial accounting term that is used to describe costs that are specific to management's decisions. The concept of relevant costs eliminates unnecessary data that could complicate the decision-making process. Next Up.
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Cost Savings and Cost Avoidance: Why You Should Know the Difference Cost Savings and Cost Avoidance: Why You Should Know the Difference. Many companies require their employees to classify the financial benefits of capital investments or organizational initiatives as cost savings or cost avoidance measures. For many non-financial employees, this classification is a gray area that is not well understood.
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Purchasing Metrics: Tracking Cost Savings, Capital Reductions and Avoidances Cost Savings and Capital Reduction: measures the quality of the projects or activities performed by Purchasing. This is a measure of the effectiveness of the organization and can be measured by the percentage of savings per addressable spend. Avoidances: measures the efforts from Purchasing to avoid price increases.
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Glossary of Supply Chain Terms Absorption Costing: In cost management, an approach to inventory valuation in which variable costs and a portion of fixed costs are assigned to each unit of production. The fixed costs are usually allocated to units of output on the basis of direct labor hours, machine hours, or material costs.
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What Are the Benefits of Target Costing? Cost Optimization. A primary advantage of target costing is that it allows you to analyze the best way to make or acquire products at the lowest costs. Minimizing costs is a common financial goal of any small business, regardless of whether they offer high, medium or low prices.
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Definition of cost consciousness Cost of goods soldThe charge to expense of the direct materials, direct labor, and allocated overhead costs associated with products sold during a defined accounting period.
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Flip Tax | NYC Real Estate Q: What is a Flip Tax. A: A private Transfer Fee. The flip tax is a private transfer fee that many new york coops impose on shareholders. In the late seventies and early 80's when many rental buildings converted, huge profits were being made by former renters who bought their units at inside prices and then resold them. Called flipping.
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Arlie Gender: Male. Usage: Arlie, of Hebrew origin, is a popular first name. It is more often used as a boy (male) name. People having the name Arlie are in general originating from United Kingdom, United States of America. For another variant of the name Arlie across the world, see Arley.
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Cardiolipin Some other tests that may be performed in conjunction with cardiolipin antibody tests include lupus anticoagulant testing (e.g., DRVVT) and anti-beta 2 glycoprotein I antibody. There are three classes of cardiolipin antibodies that may be present in the blood: IgG, IgM and/or IgA. The two most commonly tested are IgG and IgM. However, if these tests are negative and clinical suspicions still exist, then IgA cardiolipin antibody testing may be ordered.
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Relevant Cost [and Sunk Cost] Relevant Cost [and Sunk Cost] Managers are charged with the responsibility of managing organizational resources effectively and efficiently relative to the organization’s goals and objectives. Making decisions about the use of organizational resources is a key process in which managers fulfill this responsibility.
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- Irrelevant Cost. What is an 'Irrelevant Cost'. An irrelevant cost is a managerial accounting term that represents a cost, either positive or negative, that does not relate to a situation requiring management's decision. As with relevant costs, irrelevant costs may be irrelevant for some situations but relevant for others.
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- 18 The financial strain of operating in this “catch-22” environment may also cause that utility to forego or defer cost-saving or risk-mitigating investments. Thus ratepayers may incur direct costs (interest rates) and indirect costs (constrained operations) if their utility is not authorized to operate with an AAC.
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cost center cost center. A segment of a business or other organization in which costs can be segregated, with the head of that segment being held accountable for expenses. Cost centers are established in large organizations to identify responsibility and to control costs.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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- In 20 years since the first Drug Court was founded, there has been more research published on the effects of Drug Courts than on virtually all other criminal justice programs combined. The scientific community has put Drug Courts under a microscope and concluded that Drug Courts work. Better than jail or prison.
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Terms And Definitions Allocable Cost - A cost, which is assignable, or chargeable to one or more cost objectives in accordance with the relative benefits received or other equitable relationships defined or agreed to between contractual parties. Allocation Base - The base used for determining the allocation rate for an indirect cost pool.
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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.
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- On the other hand, cost avoidance initiatives can help to contain and control costs and may create cost savings over time. For specific examples on defining cost reduction and cost avoidance from a procurement perspective, see the eSourcing Wiki.
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- Kaizen Costing. Definition: Kaizen costing is the process of continual cost reduction that occurs after a product design has been completed and is now in production.
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- The second scenario is an example of cost avoidance. Cost avoidance refers to reductions that cause future spending to fall, but not below the level of current spending. Often cost avoidance involves slowing the rate of cost increases.
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- From Wikipedia, the free encyclopedia. A relevant cost (also called avoidable cost or differential cost) is a cost that differs between alternatives being considered. In order for a cost to be a relevant cost it must be:1  Future. 2  Cash Flow. 3  Incremental.f, in deciding whether or not to continue construction, the $1 million sunk cost were incorrectly included in the analysis, the firm may conclude that it should abandon the project because it would be spending $1.5 million for a return of $1.2 million.
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- Definition: A cost center is a business unit that is only responsible for the costs that it incurs.The manager of a cost center is not responsible for revenue generation or asset usage. The performance of a cost center is usually evaluated through the comparison of budgeted to actual costs.he costs incurred by a cost center may be aggregated into a cost pool and allocated to other business units, if the cost center performs services for the other business units. Examples of cost centers are as follows: 1  Accounting department. 2  Human resources department.
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Cost center Cost Center. Definition: A cost center is a business unit that is only responsible for the costs that it incurs. The manager of a cost center is not responsible for revenue generation or asset usage.The performance of a cost center is usually evaluated through the comparison of budgeted to actual costs.he costs incurred by a cost center may be aggregated into a cost pool and allocated to other business units, if the cost center performs services for the other business units. Examples of cost centers are as follows: 1  Accounting department. 2  Human resources department.