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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.
When fixed costs rise (i.e. administrative expenses) the willingness of medical facilities to cost cut of possible price shifting may increase. When a group of payers become less price-sensitive, hospitals may charge payers a higher price, and so compensate for their losses. But that commonly does not happen by state insured patients.
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 ...
Musk's legacy of cost cutting includes everything from replacing $1,500 latches on a rocket bound for the International Space Station with modified $30 bathroom stall locks, ...
Third (and relatedly), preventing fraud costs money: The Congressional Budget Office, for example, assumes that each dollar spent on measures to prevent health care fraud generates $1.50 in savings.
Stubbornly high warranty expenses and lagging cost-cutting efforts are holding back Ford Motor Co.'s profits this year, causing the company to lower its full-year earnings guidance. Ford said it ...
In business economics cost breakdown analysis is a method of cost analysis, which itemizes the cost of a certain product or service into its various components, the so-called cost drivers. The cost breakdown analysis is a popular cost reduction strategy and a viable opportunity for businesses.
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