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ppt on distinction between cost control and cost reduction

Apr 19, 2017· The 7 most important differences between cost control and cost reduction are explained here. The first difference between says that Cost Control focuses on decreasing the total cost while cost reduction focuses on decreasing per unit cost of a product.

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Cost control is operated through setting standards of targets and comparing actualperformance therewith, with a view to identify deviations from standards or norms andtaking corrective action in order to ensure that future performance conforms to standardsor norms.Cost reduction is a continuous process of critical cost examination, analysis andchallenge of standards.

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Jan 14, 2014· Cost control and reduction 1. Managerial Economics Cost Control And Cost Reduction 2. Cost Control Def:- The process of monitoring and regulating the expenditure of funds is know as cost control. In other words, it means to regulate/control the operating costs …

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What is the Difference between cost management cost control and cost reduction? Cost Control simply means keeping cost within desired level or planned level and the essential mechanics of Cost ...

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1. Organized cost reduction analysis by which accountants analyze costs in products or procedure 2. Development of a design and combining through the specifications to remove costs by substituting standards and relaxing tolerances and finishes. 3. Purchasing analysis which systematically searches for cheaper bought 4.

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Difference Between Cost Control and Cost Reduction. Introduction. A cost reduction program is a type of method which is to improve profitability of the organization or by expected to get a good result that flow to the bottom line of the financial statement and exempted from any serious damage to the organization itself.

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The upcoming difference will update you about the difference between cost control and cost reduction. 1. Aim: Cost control aims at achieving the predetermined costs, whereas cost reduction aims at reduction of costs by finding new ways or methods to have continuous economy on costs.

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5 essential objectives of Cost Accounting | Cost control and cost reduction. Cost control and cost reduction. "The guidance and regulation, by executive action of the cost of operating an undertaking".The three-fold assumptions involved in the definition of cost reduction may be summarized as under. Read more

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May 23, 2018· Cost Control and Cost Reduction Difference II Cost Accounting theory Part 5 II 9717356614 ... Food Costs Formula: ... #1 Budget and Budgetary Control (Introduction) ~ Cost …

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The upcoming discussion will update you about the difference between cost control and cost reduction. 1. Aim: Cost control aims at achieving the predetermined costs, whereas cost reduction aims at reduction of costs by finding new ways or methods to have continuous economy on costs.

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Besides, cost control is a preventive function whereas cost reduction is a correlative function. It run even when an efficient cost control system exists. The difference between both of it can be summarized as cost control ensuring the costs is in accordance with established standards whereas cost reduction is concerned with try to improve the ...

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Cost Control simply means keeping cost within desired level or planned level and the essential mechanics of Cost control is budgeting and budgetary control. Cost reduction on the other hand is a ...

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Mar 15, 2016· The difference between cost control and cost reduction can be summarized as cost control ensuring the costs is in accordance with established standards whereas cost reduction is concerned with try to improve the cost by continuous and without accordance with any of the standard.

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Differences Between Cost Accounting and Management Accounting. Management accounting includes a lot of aspects of business such as decision making, strategizing, planning, performance management, risk management etc. Cost accounting, on the other hand, only revolves around cost computation, cost control, and overall cost reduction of business.

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Difference between cost control and cost reduction are as follows:- 1. Cost Control is defined as the "the guidance and regulations by executives action of the cost of operating and undertaking while cost reduction is defined as and achievement of real and permanent reduction in the unit cost of goods manufactured or services rendered without ...

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There is a difference between cost control vs cost reduction. Most people think that controlling costs and reducing costs are one and the same when, in fact, they can generate two totally different outcomes. The first thing you need to know is that you can't grow a company by cost reduction alone. You can get short term gains but, eventually ...

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Oct 19, 2010· 3. Cost control is different for different process of a product, so for one process there may cost control and for other there may no cost control while cost reduction is uniform throughout the company. 4. While the emphasis of cost control is on past and present while the emphasis of cost reduction is more on future rather than on past or present.

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cost control and cost reduction system? Does cost control and cost reduction scheme affect the quality of the product of the company? 1. LITERATURE REVIEW Reeve and Philpot (1988) supported that statistical process control is an efficient way in cost control and cost reduction techniques. He said that, defining the process

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The following are the widely used techniques of cost reduction: 1. Just-In-Time (JIT) SystemThe main aim of JIT is to produce the required items, at the required quality and quantity, at the precise time they are required. JIT purchasing requires for the items where too much carrying costs associated with holding high inventory levels. purchasing system reduces the investment in inventories ...

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Cost Control and Cost. Reduction Meaning Elements Techniques Essentials for Success Applications Differences Cost Control A process of preventing costs from varying from the amount planned. The CIMA, London defines it as the guidance and regulation by executive action of the cost of operating an undertaking, particularly where such action is guided by cost accounting.

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Design is therefore the most important field where cost reduction may be attempted. Efficient designing for a new product or improving the design for an existing product, reduces cost in the following manner :-(i) Material Cost:- Cheaper substitute, higher yield and less quantity and varieties of materials, cause reduction in cost.

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Read this article to learn about the difference between cost control and cost reduction. Cost Control: The Chartered Institute of Management Accountants of defines cost control as "The regulation by executive action of the costs of operating an undertaking, particularly where such action is guided by cost accounting."

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ADVERTISEMENTS: Read this article to learn about the difference between cost control and cost reduction. Cost Control: The Chartered Institute of Management Accountants of defines cost control as "The regulation by executive action of the costs of operating an undertaking, particularly where such action is guided by cost accounting." The terms 'regulation' and 'executive action' […]

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1 Introduction to the Challenge of Cost and Value Management in Projects 1 1.1 Importance of Cost and Value Management in Projects 2 1.2 Keys to Effective Project Cost Management 6 1.3 Essential Features of Project Value Management 8 1.4 Organization of the Book 9 References 14 2 Project Needs Assessment, Concept Development, and Planning 17

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**The following are the major differences between Cost Control and Cost Reduction:** -The activity of maintaining cost as per the established norms is known as cost control. The activity of decreasing per unit cost by applying new methods of production in such a way that it does not affect the quality of the product is known as cost reduction.

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d) Cases of energy reduction savings e) Purchasing machinery f) Getting your moneys worth g) Reliability vs. total cost h) Other machine cost reduction ideas XI. Cost Estimating and Control to Reduce Expenditures a) Cost per direct labor b) Analyzing manufacturing costs c) Breakeven analysis d) Impact of parts shortages on labor costs

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Strategic Cost Management: Top 12 Techniques. Article shared by: ... Target costing is a new attempt in which cost is the difference between the price expectation of the customers and margin expectations of the corporation entities. Cost = Price – Target Profit. ... reduction in cost of production and improvement in productivity. As such the ...

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Following are the main differences between cost control and cost reduction: 1. Focus Cost control focuses on the minimization of wastage than the reduction of cost. Cost reduction focuses on minimization of cost through new production process, improved plant layout, scientific material handling etc. 2. Basis Of Application

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Feb 22, 2019· Thanks For Watching Subscribe to become a part of #Gyanpost Like, Comment, Share and Enjoy the videos. We are on a mission of providing a Free, World-class Education for anyone, anywhere and offer ...

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Cost Control is the way on how we can monito the expenses of the company and cost reduction are the means on how we can save and reduce the expenses of a company. In cost control, you will know what are the expenses that a company needs to cost reduce.

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