Describe the two assumptions used in cost estimation behavior. Give an example of one of the assumptions.Describe the two assumptions used in cost estimation behavior. Give an example of one of the assumptions.
12 questions in accounting due today. Questions are not related and should be answered separately along with the correlating question number on top and citation on the bottom. 5 references are required.
Cost ACCT
Q1
Describe the two assumptions used in cost estimation behavior. Give an example of one of the assumptions.
Q2
Question…with so much data to analyze and use, how important is precision in the collection of data? Anyone?
Q3
Hello everyone! I found the below linked article about estimating health care costs and thought it would be a good example to discuss in class! As you read this article on insurance companies’ attempt to identify costs in an effort to ease their cost estimation, think about whether the cost drivers presented are suitable or if other cost drivers would be more adequate, given the industry. Please post your thoughts:-) Anyone?
http://www.amednews.com/article/20120515/business/305159997/8/
Q4
Hello everyone! Let’s say that a company invests considerable time and money to develop sophisticated cost functions that rate high on all evaluative criteria. In the course of using the cost functions, a manager notes that in several instances the actual costs were different from the predicted costs, resulting in lower profits during one quarter of the year…. The question of the value of the cost function is asked. Give some suggestions on how to answer the manager! Anyone?
Q5
I am also thinking…What are the methods that could be used to estimate a cost function assuming that no historical data exists? Anyone
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