What are Cost Centers?
In business management, optimizing resources and controlling expenses are key priorities. One of the most effective methods to achieve these...
Costs
What Are Standard Costs and How to Calculate Them?
Imagine you are managing a factory and need to know how much it will cost to produce a new product.
TDABC: The Revolution of ABC Cost Models
If you’ve read my article titled “Top Tips for Making Your Cost Model a Total Disaster”, you’ll know that one of the factors that can kill a cost...
The quality of your model depends on the quality of your drivers
When building a cost model, the main concern is ensuring that the model "balances," meaning that all inputs match the outputs, ensuring nothing is...
What is ABC costing? what advantages does it have over other costings?
The idea of ABC costing is not new; rather, it dates back to the 1970s, with its development primarily attributed to two accounting professors:...
Is Excel Cost Modeling a Path to Failure?
It's hard to imagine a company these days that doesn't use Excel. Not only are we very accustomed to using it, but it's also a powerful tool that has...
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