What are some advanced cost analysis techniques I can use?
An example of an AI chatbot conversation about advanced cost analysis techniques.
What are some advanced cost analysis techniques I can use?
Some advanced techniques include Activity-Based Costing, Target Costing, and Life Cycle Costing. Would you like details on any of these?
Yes, please explain Activity-Based Costing.
Activity-Based Costing (ABC) allocates overhead costs based on activities that drive costs, providing more accurate product costing.
How does ABC differ from traditional costing methods?
ABC focuses on activities and their costs, while traditional methods often allocate costs based on a single volume measure, like machine hours.
What are the benefits of using ABC?
Benefits include improved cost accuracy, better decision-making, and enhanced profitability analysis.
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