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Participation Exercise #13 - Assignment Example

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Variance analysis provides the management with an understanding of the difference between the actual costs incurred and those planned for during the development of the project. Variance analysis may prove vital in indicating to the management the different costs they need to…
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Participation Exercise #13
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Download file to see previous pages These provide an avenue for creating change for better project returns. Failure to consider these costs may result in growing variance in costs, which may indicate poor planning for the management.
As one way of having surety on the actual costs incurred in the project, Carnegie found it easy to make decisions on projects knowing the actual gains he makes from them. Cost per pound figures aided Carnegie have a competitive advantage in that he could set his prices as low as he wanted just to win a bid without negatively affecting his business’s profitability. While the competitors guessed on what was best to charge on their products, Carnegie knew exactly the actual costs he incurred and the returns to expect (Spafford). Carnegie used this to make more sound decisions in his business hence the successful returns while the competitors found it difficult to compete and had their attempts at winning bids from him fail. Through these, Carnegie kept track of his variances and hence keeping his costs in ...Download file to see next pagesRead More
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