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Lecture Notes for ISE 3004 - Industrial Cost Control with Moore at Virginia Tech (VT)

Notes Information

Material Type:Class Note 6
Professor:Moore
Class:ISE 3004 - Industrial Cost Control
Subject:Industrial and Systems Enginee
University:Virginia Polytechnic Institute And State University
Term:Spring 2008
Keywords:
  • Differential Cost
  • Feasible Alternatives
  • Avoidable Costs
  • Another Term
  • Limiting Factor
  • Opportunity
  • Relevant Costs
  • Variable Expenses
  • Profitability
  • Obsolescence
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Sample Document Text

Page 1 ISE 3004 Spring 2008 Moore Chapter 6: Items you may wish to review before Thursday. Each type of item is grouped by Learning Objective. Vocabulary LEARNING OBJECTIVE 1 1. The maximum available contribution to profit forgone by using limited resources for a particular purpose Opportunity cost 2. A cost that requires a future cash disbursement Outlay cost 3. The difference in total cost (revenue) between two alternatives Differential cost (revenue) 4. Another term for differential cost when one alternative includes all the costs of the other plus some additional costs Incremental cost LEARNING OBJECTIVE 2 5. The strategic use of outside resources to perform activities traditionally handled by internal staff and resources Outsourcing LEARNING OBJECTIVE 3 6. Costs of facilities and services that are shared by users Common costs 7. Costs that continue even if an operation is halted Unavoidable costs ...

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