in relation to measuring the performance of organizational units, please explain the 5 center types (cost center, revenue center, profit center, investment center and expense center). In continuation of this, mention the advantages and disadvantages for each. Also explain for under what conditions the individual center types should be chosen

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.