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The concept of the Iron Triangle of Health Care was first introduced in William Kissick’s book, Medicine’s Dilemmas: Infinite Needs Versus Finite Resources in 1994, describing three competing health care issues: access, quality, and cost containment. [1] [2] Each of the vertices represents identical priorities. Increasing or decreasing one ...
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]
An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
Product cost management (PCM) is a set of tools, processes, methods, and culture used by firms who develop and manufacture products to ensure that a product meets its profit (or cost) target. Scope [ edit ]
For example, the manufacturing cost of a car (i.e., the costs of buying inputs, land tax rates for the car plant, overhead costs of running the plant and labor costs) reflects the private cost for the manufacturer (in some ways, normal profit can also be seen as a cost of production; see, e.g., Ison and Wall, 2007, p. 181).
The US Army's Future Combat Systems [4] was cancelled in 2009 due to cost overruns. Marine Corps' Expeditionary Fighting Vehicle [ 5 ] vehicle programs was cancelled in 2011 due to cost overruns. The US Navy's Zumwalt -class destroyer 's production cost increased from a projected $3.15 billion to $5.82 billion per ship, triggering a Nunn ...
Cost reduction is the process used by organisations aiming to reduce their costs and increase their profits, or to accommodate reduced income. Depending on a company’s services or products , the strategies can vary.
Variable cost, costs of doing business that increase or decrease with the amount of revenue, such as labor and fuel; Fixed cost, costs of doing business that do not change, such as rent and administration; Total cost, fixed plus variable cost; Average cost, the total cost of production divided by the number of items produced Average fixed cost