Operation of business environment-turbulent and competitive
What are the main reasons that the operation of business environment has become ever more turbulent and competitive?
Expert
There are many reasons which have been recognized to explain such changes which are as follows:
a) Rising sophistication of customers.b) Development of a worldwide economy where national frontiers become less significant.c) Rapid modification in technology.d) The de-regulation of domestic markets (for illustration: electricity, water and gas).e) Rising volatility of the financial markets.
Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
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Value-Added Activity: An activity which is judged to contribute to customer value or gratify an organizational requirement. The characteristic "value-added" reflects a belief that the activity can’t be removed without decreasing
Direct Cost: The cost of resources directly used by an activity. The direct costs are assigned to actions by direct drawing of units of resources used by individual actions. A cost which is particularly recognized with a single cost o
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Product: Any traceable, discrete, or measurable good or service given to a customer. Frequently goods are termed to as tangible products, and services are termed to as intangible products. A good or service is the product result of a procedure resulta
Standard Costing: A costing technique which joins costs to cost objects based on reasonable approximations or cost studies and by the means of budgeted rates instead of according to actual costs incurred. The predictable cost of gener
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