Strategic cost management is the process of reducing total costs while improving the strategic position of a business. … For example, the strategy of a manufacturing firm is to be able to offer a
The main objective of cost management is to reduce the costs expended by an organization while strengthening the strategic position of the firm.
2 Marks question
1. What do you mean by lean cost management?
2. What do you mean by LCC?
3.Objectives of JIT?
4.State the steps in activity-based costing
5.benefits of product life cycle?
6. Differentiate cost control and cost reduction / Cost management and cost accounting?
7. What are the cost drivers?
8. What is benchmarking?
9. Define cost and value?
10. What are the categories of the project life cycle?
5 Marks question
1. Define ABC, How ABC System supports corporate strategy?
2. How is the Life cycle costing model selected and developed?
3. Briefly explain how JIT Eliminated wastage of resources?
4. Briefly Explain the steps in strategic cost management programmed
5. Explain the role of cost accounting in strategic planning?
6. Explain the problem of overhead absorption in the traditional system?
7. What are the Drawbacks of lean cost management?
12 Marks question
1. What are the objectives of the JIT Approach? Is Jit Responsible for bringing changes in a firm-Explain?
2. Explain how life cost analysis is prepared, Implemented and monitored?
3. Critically evaluated strategic cost management issue in different elements if the cost
4.Elucidate the procedure for implementation and evaluation of kaizen costingrapid turnaround of customer orders by maintaining tight control over its bottleneck production operation