Management System and Give Its Essay

Open, View, and/or
Download this Document

Total Length: 621 words ( 2 double-spaced pages)

Total Sources: 0

Page 1 of 2



Student 3:

Company managers are always looking to control costs, improve efficiency and increase profits. In order to make their visions a reality, managers need detailed information about their company's financial situation -- up-to-date, accurate information. Accounts create this information for their managers by using cost accounting to create a cost management system (CMS).

The CMS includes different information from financial reports and straight cost information, which are aggregate measures of the cost of inventory the value of the goods sold. The information managers need is much more detailed and must include information on individual projects, the customer mix, etc. To that end, a CMS provides:

1.

cost information for strategic management decisions;

2.

cost information for operational control; and

3.

measures of inventory value and costs of goods sold for financial reporting investors (121).

Simply put, managers need their information for strategic reasons. A simple balance sheet doesn't give them the information they need to move their company into new markets, find and eliminate inefficiencies, ramp up spending for specific initiatives or cut costs when necessary.

Stuck Writing Your "Management System and Give Its" Essay?

View All Our Example Management System and Give Its Essay

Have A Custom Example Essay Written

Only the information in a CMS can be a manager's tool in this way.

What is Value Engineering?

Student 1:

Value engineering a cost-reduction technique, used primarily during design, that uses information about all value chain functions to satisfy customer needs while reducing costs.

Student 2:

Value engineering is a way of reducing the final cost of a product. In the early stages of development, usually design, the developers figure out ways to make the product so it satisfies the requirements of the customer and is less expensive to produce.

Student 3:

Value engineering is a method of reducing the final cost of an item or product. Value engineering involves designers and developers using all the information at their disposal, including the target product cost (indirect….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Management System And Give Its" (2011, January 12) Retrieved June 30, 2025, from
https://www.aceyourpaper.com/essays/management-system-give-5504

Latest MLA Format (8th edition)

Copy Reference
"Management System And Give Its" 12 January 2011. Web.30 June. 2025. <
https://www.aceyourpaper.com/essays/management-system-give-5504>

Latest Chicago Format (16th edition)

Copy Reference
"Management System And Give Its", 12 January 2011, Accessed.30 June. 2025,
https://www.aceyourpaper.com/essays/management-system-give-5504
   

Open, View, and/or
Download this Document
order custom essay example