Please watch the Ted talk How business can plan for the road to recovery by Rich Lesser, CEO of Boston Consulting Group, and head of TED Chris Anderson discuss a three-phased approach: flatten, fight, future. Share your thoughts on what this three-phased approach might look like for manufacturing business. Many of the thoughts shared are for nonmanufacturing businesses.
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Please watch the Ted talk How business can plan for the road to recovery by Rich Lesser, CEO of Boston Consulting Group, and head of TED Chris Anderson discuss a three-phased approach: flatten, fight, future.
Share your thoughts on what this three-phased approach might look like for manufacturing business. Many of the thoughts shared are for nonmanufacturing businesses.
https://www.ted.com/talks/rich_lesser_how_businesses_can_plan_for_the_road_to_recovery
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