definition of cost planning
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cost management Cost management is the process of planning and controlling the budget of a business.
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What is full cost pricing and how does it work? The <b>cost pricing</b> is the theory that the price of an object is determined by the sum of the cost of the resources that went into making it. The cost can compose any of the factors of production(including labour, capital, or land) and taxation.
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Floor planning Floor Planning. Floor planning is a method of financing inventory purchases, where a lender pays for assets that have been ordered by a distributor or retailer, and is paid back from the proceeds from the sale of these items.
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How to Do a Cost Analysis A cost analysis (also called cost-benefit analysis, or CBA) is a detailed outline of the potential risks and gains of a projected venture. Many factors are involved, including some abstract considerations, making the creation of a CBA more...
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PMI Cost Estimating [Process]. The process of developing an approximation of the cost of the resources needed to complete project activities*. Cost Management Plan [Output/Input]. The document that sets out the format and establishes the activities and criteria for planning, structuring, and controlling the project costs.
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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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strategic planning strategic planning. A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.trategic planning. A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.
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Cost allocation Cost allocation is the process of identifying, aggregating, and assigning costs to cost objects. A cost object is any activity or item for which you want to separately measure costs.Examples of cost objects are a product, a research project, a customer, a sales region, and a department.Cost allocation is used for financial reporting purposes, to spread costs among departments or inventory items.xamples of cost objects are a product, a research project, a customer, a sales region, and a department. Cost allocation is used for financial reporting purposes, to spread costs among departments or inventory items.
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cost cost apportionment definition, cost apportionment meaning | English dictionary. Search also in: Web News Encyclopedia Images. cost. n. 1 the price paid or required for acquiring, producing, or maintaining something, usually measured in money, time, or energy; expense or expenditure; outlay. 2 suffering or sacrifice; loss; penalty.
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A project managerâs guide to cost estimating and cost planning The guiding principles to cost estimating and cost planning are: 1  Time is money. 2  Risk and reward are opposites. The higher the risk, the greater potential for reward. 3  Appropriate controls to develop, implement and manage cost estimates and cost plans are the key to repeatable quality outcomes and commercial success.
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COST CONTROL Cost control is a continuous process that begins with the proposed annual budget. The budget helps: (1) to organize and coordinate production, and the selling, distribution, service, and administrative functions; and (2) to take maximum advantage of available opportunities.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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- Definition [Suggest Change] The Budgeted Cost for Work Performed (BCWP) is the value of completed work expressed as the value of the performance budget assigned to that work.
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How to quickly and safely defrost chicken? up vote 0 down vote. The safest way to defrost a chicken is to take it out of the freezer at least two days before and let it defrost naturally while refrigerated. The second way I use is to put the chicken in a microwave safe bowl, fill with water and then follow oven suggestions on time per pound.If you use the water/microwave method it does not cook any parts of the chicken and turning is not necessary.But I definitely take it out of the plastic wrap.'ve been using the hot water soak method to quickly defrost and then cook my chickens for YEARS without any problems or sickness. I always thoroughly cook my birds; no pinkness. I then proceed to make chicken soup with the carcass and left over meat the next day.
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What is Cost Volume Profit Analysis (CVP)? The cost volume profit analysis, commonly referred to as CVP, is a planning process that management uses to predict the future volume of activity, costs incurred, sales made, and profits received.hey also use cost volume profit analysis to calculate the break-even point in production processes and sales. The break-even point is drawn on the CVP graph where the sales, fixed costs, and variable costs lines all intersect.
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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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- A cost budget is a financial plan that addresses each major expense category, including financing and administrative costs.Cost budgets can be used as a monitoring tool, and they help coordinate the divisions or departments in an organization. cost budget is a financial plan that addresses each major expense category, including financing and administrative costs.
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Cost estimate A cost estimate is often needed to support evaluations of project feasibility or funding requirements in support of planning. A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management.
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Cost engineering From Wikipedia, the free encyclopedia.  Cost engineering [is] the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis..Cost Engineers budget, plan and monitor investment projects.ost engineering is most often taught at universities as part of construction engineering, engineering management, civil engineering, and related curricula because it is most often practiced on engineering and construction capital projects. Engineering economics is a core skill and knowledge area of cost engineering.
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The Basic Steps in the Management Planning Process Planning (also called forethought) is the process of thinking about and organizing the activities required to achieve a desired goal. It involves the creation and maintenance of a plan, such as psychological aspects that require conceptual skills.
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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.
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- DEFINITION of 'Cost Center'. A department within an organization that does not directly add to profit, but which still costs an organization money to operate. Cost centers only contribute to a company's profitability indirectly, unlike a profit center which contributes to profitability directly through its actions.
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Chapter 7 PMBOK 5th edition - Practice Test #5 1 Cost Estimating – developing an approximation of the costs of the resources needed to complete project activities. 2  Cost Budgeting – aggregating the estimated costs of individual activities or work packages to establish a cost baseline.
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cost saving cost saving. An action that will result in fulfillment of the objectives of a purchase, at a cost lower than the historical cost or the projected cost.
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New Mexico This article is about the U.S. state of New Mexico. For other uses, see New Mexico (disambiguation). New Mexico (Spanish: Nuevo México pronounced: [ˈnweβo ˈmexiko] locally: [ˈnwẽβo ˈmeχiko]; Navajo: Yootó Hahoodzo [jò:txó hàhò:tsò]) is a state located in the southwestern region of the United States of America. It was admitted to the Union as the 47th state on January 6, 1912. It is usually considered one of the Mountain States.
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What Is Cost Variance? Definition. Cost variance is a way of showing the financial performance of a project. Specifically, it is the mathematical difference between budgeted cost of work performed, or BCWP, and the actual cost of work performed, or ACWP.
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- The plume was made of dyed horse hair. Hair was the preferred material because it lasted longer. The red was to intimidate the enemies with the color red which meant blood. Th…e color red was also a sign that the men were soldiers of the emperor. But remember, the ordinary soldier did not have a plume on his helmet except if he were marching in a triumph. Plumes or distinguishing crests were only for officers.