Disadvantages of Inter Firm Comparison
In fact these are the limitations and difficulties faced through the Inter firm comparison since Inter firm comparison in its honest use and because cannot be difficult to any segment in it. The significant limitations can be listed as follows.
1. Any misuse of the collected information through any influential firm might be possible.
2. Participant members do not give timely and correct data.
3. It is hard to find out bases of comparison as there are variations in the size of the firms, their productivity, financial conditions, etc. Several times it renders meaningless comparison.
4. Lack of uniform costing renders complexity in comparison.
5. The top management feels secrecy of absolute data like the top preference and might not render full cooperation.
6. If the data are not correctly collected the results arrived at would be misleading. Decisions cannot be based on such types of conclusions.
7. Information supplied through members might not be reliable. They may feel hesitant in disclosing the right information about costs.
8. In case the cost accounting system adopted through a concern is not appropriate and adequate, the costing data supplied shall not be reliable.
9. The association that manages the comparison scheme should comprise qualities of effective leadership without that the scheme cannot be a success.
10. The co-operation of each participant for submission of cost data and their coordination is a necessary, if not the inter-firm comparison scheme cannot be applied with effective results.
The above disadvantages can be overcome to a great extent through the following measures:
(i) Adequate education and propaganda by articles in journals, lectures, seminars and personal discussions.
(ii) Installation of a system that makes sure perfect secrecy.
(iii) Introduction of a scientific and meaningful cost system.
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The accomplishment of an inter-firm’ comparison scheme relies on the successful operation of uniform costing system. The comparison would be futile and farce without Uniform Costing.
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