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Cost Management: A Strategic Emphasis 7th Edition Solution Manual

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Chapter01-Cost Management and Strategy1-1CHAPTER 1:COST MANAGEMENT AND STRATEGYQUESTIONS1-1Firms Using Cost Management.Here are some examples; there are manypossible answers.1. Walmart: to keep costs low by streamlining restocking and sales2.Hewlett-PackardorDellComputer:tokeepcostslowbyimprovingmanufacturing performance and by using target costing and other managementtechniques3. Citicorp: to keep costs low by using activity analysis to identify key operationsand to find those that add little or no value4. A municipalityor public agency: to keep costs low in order to provide the bestpossible service given available funds5. Procter & Gamble: to assess the profitability of its different products6. Any other large,diversified manufacturer, like Procter & Gamble: which needsto be able to analyze the relative profitability of its different products, using costmanagement7. A small machine shop: which needs cost management to determine whether itshould repair or replace a machine8. A dance studio: to analyze and choose between different compensation plansfor its teachers; and to determine whether it should open a new studio1-2Firms not expected to be significant users of cost management information:1.Microsoft: here the focus is on forming strategic alliances, innovation andcompetition;costmanagementismoreimportantforotherfirmsintheinformation technology business, such as Hewlett-Packard, and Dell Computerthat compete in part on innovation but also on price2. Versace: a high fashion firm competes on innovation and product leadership;thedevelopmentandcommunicationofattractivenewideasisthekeytocompetitive success rather than cost management3. Other firms in the fashion industry, such as Chanel,Coach,Gucci, andArmani: for reasons similar to Versace4. Major league sports: dependent primarily on the development of fan support,good coaching and player acquisition1-3Cost management information is a broad concept.It is the information themanager needs to implement the strategyofthe firm or not-for-profit organization--both financial information about costs and revenues and relevant non-financialinformation about productivity, quality, and other key success factors for the firm.Typically, cost management is the responsibility of the Chief Financial Officer(CFO) who often delegates much of this responsibility to the Controller.1-4In the private sector, the Financial Accounting Standards Board, an independentorganization, and the American Institute of Certified Public Accountants (AICPA)

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Cost Management: A Strategic Emphas...

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