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Financial Management

Do you agree with the notion of value costing for the 21st Century organizations. Why or Why Not?

Why types of situations may be more appropriate for application of the some of the "tried and true" costing methods of the 20th Century? Are these industry or firm specific?

Is Cost-Volume-Profit Analysis still relevant in the 21st Century business organization? Support your answer with reasoned arguments and references as appropriate.

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The response address the queries posted in 848 words with references.

//Prior to write about the 'Value Costing' for the 21st century organizations; first, we will discuss about the value costing. Then, we will discuss about the notion of value costing for these 21st century organizations. I am providing my view on the notion for value costing; you are free to add your own view.

In the 21st century, value costing is important for the organizations, to face the competition and also to achieve the competitive advantages. The value costing is also significant to understand the effectiveness of a project or the business operation of an organization. The concept of value costing includes all types of cost, which affect the organizational process. On the other hand, it can be explained as the costing, which charges all the costs, which are incurred during the business operation. In the current environment, the effectiveness in the managerial decision is important, which can be achieved from the value costing. In the 21st century, all the organizations want to expand their business and capture the opportunities (Baggaley, 2003). The notion of value costing for these 21st century organizations is also necessary to know the profitability from the new project or the managerial decision. The various costing methods are also vital to understand the profitability from the various projects, which enables the ...

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The response address the queries posted in 848 words with references.

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