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Cost–benefit analysis is often used by organizations to appraise the desirability of a given policy. It is an analysis of the expected balance of benefits and costs, including an account of any alternatives and the status quo.
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. [1] [2] [3]
Cost-effectiveness analysis ( CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. [1]
Various techniques used by cost accountants include standard costing and variance analysis, marginal costing and cost volume profit analysis, budgetary control, uniform costing, inter firm comparison, etc. Evaluation of cost accounting is mainly due to the limitations of financial accounting.
In business, a cost analyst is a professional responsible for analyzing a company 's costs, or the use of available resources, and reports such analysis to management for decision-making and control. Additional to cost analysis generally, specific work includes whole-life cost analysis and cost–volume–profit analysis .
Cost benchmarking is the measurement, refinement and analysis of ones Cost of Goods Sold (COGS) when compared to market peers. Cost benchmarking identifies competitiveness of pricing in industry terms, highlighting best in class [1] pricing and subsequently showing areas for competitive pricing improvement. Cost benchmarking is a valuable tool ...
Cost–utility analysis ( CUA) is a form of economic analysis used to guide procurement decisions. The most common and well-known application of this analysis is in pharmacoeconomics, especially health technology assessment (HTA).
Transaction cost analysis ( TCA ), as used by institutional investors, is defined by the Financial Times as "the study of trade prices to determine whether the trades were arranged at favourable prices – low prices for purchases and high prices for sales". [1]
Cost–volume–profit ( CVP ), in managerial economics, is a form of cost accounting. It is a simplified model, useful for elementary instruction and for short-run decisions.
A benefit–cost ratio [1] ( BCR) is an indicator, used in cost–benefit analysis, that attempts to summarize the overall value for money of a project or proposal. A BCR is the ratio of the benefits of a project or proposal, expressed in monetary terms, relative to its costs, also expressed in monetary terms.