Search results
Results from the WOW.Com Content Network
Increasing transparency regarding material and energy flows and the respective costs; Supporting organizational decisions in areas such as process engineering, production planning, quality control, product design and supply chain management; Improving coordination and communication on material and energy use within organizations.
When combined with an assessment of the costs associated with material flows this business-oriented application of MFA is called material flow cost accounting. MFA is an important tool to study the circular economy and to devise material flow management. Since the 1990s, the number of publications related to material flow analysis has grown ...
Activity-based management (ABM) is a method of identifying and evaluating activities that a business performs, using activity-based costing to carry out a value chain analysis or a re-engineering initiative to improve strategic and operational decisions in an organization.
Material flow management (MFM) is an economic focused method of analysis and reformation of goods production and subsequent waste through the lens of material flows, incorporating themes of sustainability and the theory of a circular economy. [1]
Activity-based costing was later explained in 1999 by Peter F. Drucker in the book Management Challenges of the 21st Century. [11] He states that traditional cost accounting focuses on what it costs to do something , for example, to cut a screw thread; activity-based costing also records the cost of not doing , such as the cost of waiting for a ...
It is the application of economic theory and methodology in business management practice. Focus on business efficiency. Defined as "combining economic theory with business practice to facilitate management's decision-making and forward-looking planning." Includes the use of an economic mindset to analyze business situations.
Material requirements planning (MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes. Most MRP systems are software -based, but it is possible to conduct MRP by hand as well.
Process costing is a type of operation costing which is used to ascertain the cost of a product at each process or stage of manufacture. CIMA defines process costing as "The costing method applicable where goods or services result from a sequence of continuous or repetitive operations or processes. Costs are averaged over the units produced ...