Direct Cost - A cost such as labor, materials, or supplies that can be traced directly to producing a specific output of an organization, product, and service
Indirect Cost - A cost that cannot be traced directly to a
...
Direct Cost - A cost such as labor, materials, or supplies that can be traced directly to producing a specific output of an organization, product, and service
Indirect Cost - A cost that cannot be traced directly to a specific organization, product, and/or service output They often are allocated on a predetermined basis and generally are synonymous with overhead costs such as general and administrative expenses.
Funded Cost - The value of goods or services received because of an obligation of funds by the organization performing the work
Unfunded Cost - A cost that is financed by another organization's or activity's appropriations.
Variable cost - A cost that changes with a change in output
fixed cost - A cost that remains the same regardless of a change in output
sunk cost - A cost incurred in the past that will not be affected by any present or future decision
incremental cost - The increase or decrease in cost that would result from a decision to increase or decrease output levels
avoidable cost - A cost incurred on an object that will no longer be incurred due to a decision to change the output.
unavoidable cost - A cost incurred on an object that will be incurred regardless of the decision to change
Activity Type - An Activity Type is the cost master data that represents a group of resources within a Cost Center. These resource groups have capacity and a unit of measure such as: labor hours, machine hours, square footage, etc. Activity Types are used to produce the products and services of the organization.
Cost Center - A Cost Center is a responsibility center on which costs are incurred. It has an operational manager who is accountable for the resources consumed to produce the cost center's output.
Project - A Project is an object used to plan, collect, monitor, and control costs for large scale time-based events in Project Systems, when extensive scheduling and resource management capabilities are required. Projects have definite start and end dates
WBS - A WBS element is an activity within the Project used to plan and update cost data. Some examples of WBS Elements are: tasks, partial tasks, and work packages
Order - Orders are cost objects used to plan, collect, monitor, and settle the costs of jobs and tasks
Internal Order - An object used to track costs and revenues (in some cases) associated with internal jobs and tasks. Internal Orders are often used to monitor the costs related to shorter-term projects or those individual services offered by an organization.
Work Order - A Work Order is a specific task performed on a demand or preventative basis. Work Orders reside in the Plant Maintenance Module in GFEBS. Work Orders are task-driven and specific in nature.
Business Process - is a cost object used to capture costs of cross-functional Cost Center activities.
Business Processes are the "work" being performed by the Cost Center and Activity Types.
Statistical Key Figure - is a unit of measure, including quantity or time, by which costs are reported. For example, the number of people (headcount) served at a meal in a dining facility.
Cost Management Process - four sub-processes that interact and affect one another.
The sub-processes are:
- Cost Planning
- Cost Accounting
- Cost Analysis
- Cost Controlling
Cost Planning - Set Cost Targets and Efficiency Goals.
Compute Standard Rates
Cost Planning allows managers to plot out the expected costs to accomplish their assigned mission for the coming year
Cost Accounting - Captures and validates data.
Provides accurate, timely, and relevant data.
Connects operational output/performance data to financial data. Allocates overhead
[Show More]
