Economics - Role of Cost Manager
Not what you're looking for?
I need to know some information about these question in at least 300 words
1) what does the cost manager do?
2) what information does the cost manager get and how does he use it?
3) what decision does the cost manager make about production and how does it affect shareholders?
4) when does the cost manager make these decision?
Purchase this Solution
Solution Summary
The role of cost managers are examined. What decision the cost managers make about production and how it does its affect shareholders. A complete, neat and step-by-step solution is provided in the attached file.
Solution Preview
(1) In a global market in the contemporary economic enviornment, Every business needs relevant and appropraite information, quantitative as well as qualitiataive, which is adequate to survive and grow in a market. In current times the market is unpredictable and dynamic in nature. The main objective of any business organization is to maximize its wealth or put in other words, to be profiatable in the short-term as well as in the long-term.
Cost management is an approach to evaluating the overall costs that are associated with conducting business. Generally based on standard accounting practices, cost accounting is one of the tools that managers utilize to determine what type and how much expenses are involved in maintaining the current business model. At the same time, the principles of cost management can also be utilized to project changes to these costs in the event of any proposed changes.
(2) ...
Purchase this Solution
Free BrainMass Quizzes
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.