Cost Management Systems

Table of contents

Cost management systems is fairly significant in a business organization’s planning and decision making regarding costs that shall be spent for programs that is geared to lessen budget allocated for production but at the same time enhance production quality for the satisfaction of the consumers. Moreover, cost management systems are assistive in planning and implementing processes and materials, for instance, in production in order to reduce its original cost. Cost management systems come in different shapes and sizes. However, the most common systems include the job order (cost for production outputs in different job descriptions), process (cost for production done through continuous processing), and activity-based costing (cost for production output through labor activities). Cost management systems must be able to provide substantial information that shall be assistive in a business organization’s plans or decision on what to do next and how to do it. This shall be represented in a report that is generated by the system, therefore, there is a need for cost management systems to report necessary information accurately and clearly.

Aside from these types of cost management system, other kinds of system are available in the market. Safe Cost is a program application accessible through the World Wide Web. It claims to be instrumental in business analysis and improvement and is significant in lessening the occurrence of Incidences. The application works such that it keeps a record of transactions and then automatically calculates costs to generate a report. Through Safe Cost, business organization are able to lay out particular path plans in order to trace the effects or outcomes of business decisions in the future. Aside from the record of costs, the application also generates a map or a “tree” of several decision-making options and alternatives and illustrates the impact of business transactions and decisions to sales and revenue. Moreover, aside from calculating the direct cost of Incidences, it also calculates the underlying costs of such Incident, which more often than not is greater than the direct costs. The application may be used by any field or industry.

Impact

ECS is another cost management system that is available in the market for business organizations. The system is developed by 3C Software in order to provide additional and supplementary cost management solutions to several issues that arise from cost calculation and analysis. The software was developed because of the frequent changes in the costs of raw materials and the fluctuating prices of commodities in the market. Moreover, along with these uncertainties, productions are usually done overseas in different locations around the globe. In order to calculate and analyze the financial aspect of a business organization with respects to its production rates, Impact:ECS is able to gather all data and necessary information in just a single system. The system operates through real time processing, such that it is able to data from existing reports, as they change, in order to calculate the costs of production. The system is also able to analyze the results of the calculation process, which is important in order for business organizations how the costs build up in the company. After the analysis, the system creates a report through computer software.

Enterprise Cost Management (ECM) is a software application, which is able to analyze a certain product and how it is developed. From the analysis, the software is able to generate the entire cost of production all throughout the p of time it shall be made available. Moreover, the system also keeps a record of estimates of costs in order to also create an estimate of the total production cost that a business organization shall be spending. The system also has a supporting mechanism, WBS, which generates multiple priced scenarios. WBS changes its results depending on the estimates calculated by the ECM. (Cognition Corporation, 2001)

References

3C Software. (2008). Impact:ECS Enterprise Cost System. Retrieved April 4, 2008, from 3C
Software. Website: http://www.3csoftware.com/Products/ECSOverview.htm
Bushman, M. (2007). Cost Management Systems. Retrieved April 3, 2008, from Associated
Content, Inc. Website: http://www.associatedcontent.com/article/111448/cost_management_systems.html?cat=3
Cognition Corporation. (2001). Enterprise Cost Management System. Retrieved April 4, 2008,
from Cognition Corporation. Website: http://www.cognition.us/download/ecm/ECM_WhitePaper.pdf
Safe Cost. (2008). Features. Retrieved April 4, 2008, from Griffin Systems Solution, LLC.
Website: http://www.safecostonline.com/about.php

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with My Homework Geeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
AllEscort
Live ChatWhatsApp
AllEscort