What is cost management?
In a world where every dollar counts, cost management is less about finding magical solutions and more about making practical, informed decisions.
Costs
What is the difference between job order costing and process costing?
In a market where more and more companies compete for efficiency and profitability, knowing the exact cost of producing goods or services can be the...
Understanding Costing Methodologies
Imagine running a company without really knowing how much it costs to produce what you're selling. How could you set competitive prices, identify...
What are Cost Centers?
In business management, optimizing resources and controlling expenses are key priorities. One of the most effective methods to achieve these...
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...
Top tips for making your Cost Model a total disaster
Throughout my career, I have seen that after months of tremendous effort in creating a cost model and after investing many thousands of dollars and...
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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