Basics 2 min read
Types of Budgets
Budgets can be categorized in various ways. Let us go through the types of budgets in detail. Functional Budgets It…
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Basics 2 min read
Budget, Budgeting, and Budgetary Control
Let us go through the terms sequentially. Budget Budget represents the objectives of any organization that is based on the…
Basics 1 min read
Cost Accounting – Budgeting Analysis
We are all well-familiar with the term budget. Budgeting is a powerful tool that helps the management in performing its functions…
Basics 1 min read
Tools and Techniques of Cost Reduction
The following tools and techniques are used to reduce costs: ● Budgetary Control ● Standard Costing ● Simplification and Variety Reduction ● Planning and…
Basics 1 min read
Material Control
Cost reduction program should be run by purchasing economical and more useful material. Economic Order Quantity (EOQ) technique should be…
Basics 1 min read
Personal Management
Cost reduction programs can be run using staff welfare measures and improving labor relation. Introduction of incentive schemes for labor…
Basics 1 min read
Financial Management
Attention should be given to the following areas: ● If there is any over-investment. ● How much economical is the cost of…
Basics 3 min read
Fields Covered under the Cost Reduction Program
A number of fields come under the scope of cost reduction. They are discussed below. Design Manufacturing of any product…
Basics 1 min read
Cost Reduction Program
Followings are the essentials of a cost reduction program: ● Cost reduction program should be according to requirement of the company.…
Basics 2 min read
Cost Accounting – Cost Reduction
Cost reduction is to be understood as the achievement of real and permanent reduction in the unit cost of goods…