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Hi, need to submit a 2750 words essay on the topic Cost control analysis.was identified as a key factor contributing to poor cost control measures, leading the management to expend resources that it w
Hi, need to submit a 2750 words essay on the topic Cost control analysis.
was identified as a key factor contributing to poor cost control measures, leading the management to expend resources that it would have invested in something else.
Solutions on these defects in cost management have been identified through the research. Adoption of Just-in-time model will ensure irrelevant costs have been scraped. lean manufacturing model,
on the other hand, will reduce the wastage of resources as suggested by one of the cooks in the interview conducted during the research. Results of the recommendation will be evidence on the profit levels and efficiency in operations
The level of profit a firm can generate in a given fiscal year not only depends on the sales level, but also it cost control measures. Cost can be defined as the amount incurred by an organization in its pursuit for generating income. This therefore, means that costs are inevitable in any organization that intends to generate income. Costs are classified according to the relationship with the level of production. There are two main types of costs namely. Fixed cost and variable cost. Fixed costs do not vary with the level of production while variable cost varies with the level of production (Evans, 1964). During the internship program at Joe’s Excellent Chinese, these costs were evidenced on the production processes. In this paper, research will be conducted to identify the causes for the cost increase and how it can be controlled for overall benefit of Joe’s Excellent Chinese Cuisine.
The problem for this research rotates around cost with its implication in the profit generated in a given fiscal year. Costs are unavoidable, and it is upon the management of Joe’s Excellent Chinese to come up with a strategy that will minimize the cost. Competitors of the firm offer same product (food) at an almost same price. This has created a problem for Joe’s Excellent Chinese since consumers do not see any difference as far as price is concerned. It should be noted that consumers are
