Cost Estimation

W. Armand Layne
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W. Armand Layne: University of the West Indies

Chapter Chapter 8 in Cost Accounting, 1984, pp 136-149 from Palgrave Macmillan

Abstract: Abstract Cost estimation is used by the management function for prediction purposes. Prediction premises a course of action; prediction has an aura of prophecy about it; cost prediction can be accurate or inaccurate. The moot point underlying cost prediction, however, is that the management function can make use of the data via statistical analysis as guidelines for budgeting, choice of action in markets, and performance evaluation.

Keywords: Cost Function; Cost Estimation; Variable Cost; Engineering Approach; Total Cost Function (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-17691-5_9

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