Costing Techniques Qualitative Techniques Essay

Costing Techniques Qualitative Techniques Qualitative cost estimation techniques are based on a comparison analysis of a new product with the products that have been manufactured previously in order to identify the similarities in the new one. Cost estimation for product similar to a past design is done by identifying similarities between old and new product with the help of historical design, manufacturing data and previous experience of an estimator. Sometimes, cost estimation can be achieved by making use of the past design and manufacturing knowledge encapsulated in a system based on rules, decision trees, etc. Intuitive Technique The intuitive cost estimation techniques are based on using the past experience. A domain expert’s knowledge is systematically used to generate cost estimates for parts and assemblies. The knowledge may be stored in the form of rules, decision trees, judgments, etc., at a specific location, e.g., a database to help the end user improve the decision-making process and prepare cost estimates for new products based on certain input information. Case Based Technique Cased-based reasoning (CBR) approach is designed to estimate the cost of a product by assuming that similar products have similar costs.[15] have given overview of CBR process Decision Support System These systems are helpful in evaluating design alternatives. The main purpose of these systems is to assist estimators in making better judgments and decisions at different levels of theShow MoreRelatedQuantitative Techniques Used By Marketing Costing, Time Driven Activity Based Costing Essay1071 Words   |  5 Pagesa product or service. Hence over the past years different costing techniques are evolved such as operation based approach, case based, break down approach, feature based costing, Activity based costing, time-driven activity based costing etc. These techniques are classified based on techniques with similar features. They are mainly classified into qualitative techniques and quantitative techniques. Qualitative cost estimation techniques are based on a comparison analysis of a new product with theRead MoreEnhancing Quality Strategic Decisions for the Government of Uganda1335 Words   |  5 PagesCurrently the government of Uganda is being accused by the the development partners for not setting their priorities right especially in the health sector. Discuss some of the qualitative and quantitative techniques that can be adopted to enhance quality strategic decisions. Not more than 5pages Solution In resource limited settings there prevails unending situations of resource scarcity. This poses difficulties to governments especially when it comes to considering national priorities in the processRead MoreAnalyzing The Market Trends And Developments Essay1383 Words   |  6 Pagessatisfying this under-met need in the national marketplace. This report intends to discuss the following topics: - Analysis of market data to interpret market trend and development. - Analysis potential that will impact on business - Analysis perform qualitative of comparative market - Analysis potential of competitor - Analysis marketing activity - Forecast market need 1. Access a range of both internal and external data relevant to the business you have chosen and to assist you in identifying marketRead MoreRole and Practices in Management Accounting Today3208 Words   |  13 PagesProcesses 7 5.3 Qualitative and Quantitative Analysis 8 5.4 Role of Management Accountant 8 6. Role of Management Accountants within the Corporation 9 6.1 Activities of management accountant 9 6.2 Tasks where accountability may be more meaningful to the business 9 7. Current and Future Trends of Management Accounting 10 8. New ways of management accounting 12 8.1 Total quality management (TQM), 12 8.2 Just-in-time (JIT) production and purchasing methods. 12 8.3 Activity-based costing. 12 9. CONCLUSIONRead MoreSwot Analysis : Abc Costing System1605 Words   |  7 PagesPortfolio 2, ABC Nowadays, the development of technology allow the company reduce the cost from direct labour and material cost, but the indirect or overhead cost become significant high. Therefore, price decisions on each product become essential. ABC costing system is a form of splitting overhead costs into different overhead activities. The costs are then allocated to products or projects proportionally by their cost driver activity levels. In another words, this system result the manager to look atRead MoreSection 1.1: Aim Of Report. This Report Will Briefly Go1157 Words   |  5 Pagesanalyse a series of paper based reports to then eventually produce the set of management accounting reports. This would be done through the following techniques; †¢ Budgeting †¢ Capital appraisal †¢ Standard Costing †¢ Variance Analysis All these techniques would be used on a daily basis and most likely done by hand. As with the advance in accounting techniques in their accuracy, reliability and effectiveness to convey information, so has the technology used by accountants to provide this information beenRead MoreThe Role Of Accounting And Finance Methods1710 Words   |  7 Pagesof both quantitative and qualitative elements. Therefore, while capital investment will not usually be carried out without an assessment using an investment appraisal technique, the decision amid other alternates will not be made exclusively by this assessment. 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There are so many way tools and techniques applied for a Management accounting system. It could be financial and non-financial tools and techniques. List of Mananagement Accounting : - Daily bank reconciliation and support - Journals and reconciliation - Maintenance of tax accounting fixed assets - Profit and loss accounts -Target Costing - Revenue repots - SWOT analysis - Reports which consist of how many tenant checkRead MoreImpacts of Consumer Choice on Related Product Branding on Consumer Choice3749 Words   |  15 Pagesbrand on consumer choice. This research involves a census study of various households living in Kiamunyi Residential estate (Nakuru). This research seeks to collect data through self administered questionnaires. The data will be analyzed by use of qualitative and inferential statistics. Data presentation will be through graphs, tables and pie charts. The significance of this study is to enable individual consumers to effectively make better choices on products that are similarly branded. This is due