Variance Analysis 1. Define standard costs and describe how managers use standard costs in the management cycle. 2. Explain how standard costs are developed and compute a standard unit cost. 3. Prepare a flexible budget and describe how variance analysis is used to control costs. 4. Compute and analyze direct materials variances. 5. Compute and analyze direct labor variances. 6. Compute and analyze manufacturing overhead variances. 7. Explain how variances are used to evaluate managers’ performance
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Strategies Seminar Session Week -6 Class room discussions: • Assess the benefits and disadvantages of relationship marketing strategies. • How relationship marketing strategies for B2B interface may differ from those of B2C? • Collect 3 business examples when CRM pitfalls were avoided and analyse them. Directed learning Please go through the following journal articles and the core textbook to solve the above questions: • Gummesson‚ E. (1994)‚ “Making relationship marketing operational”
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Trends in Stock Prices and Range to Standard Deviation Ratio The Hurst was proposed in 1951 by Hurst. “The Hurst exponent provides a measure for long-term memory and predictability of a time series.”(Mitra 2011) The Hurst exponent was used in hydrological studies‚ however in 1991 and 1994 Peters used the Hurst exponent in financial studies. This article studies the Hurst exponent by developing insight on the price movements in financial markets by taking the Hurst exponent and returns in the
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Sociological Imagination Applied to Real Life Teresa Halderman Dr. Philip Zimbardo conducted the SPE (Stanford Prison Experiment ) 1971. Funded by the US Navy and the Marine Corps a team of researchers and the then psychology professor Dr. Philip Zimbardo investigated the causes of conflict between prisoners and military guards. Though the experiment was abruptly stopped after only six days it went beyond Dr. Zimbardo’s expectations. All of the twenty-four male students selected to be assinged
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Northwest Brands‚ Inc.‚ is a small business incorporated in Minnesota. It’s one class of stock is owned by twelve members of a single family. Ordinarily‚ corporate income is taxed at the corporate and shareholder levels. Is there a way for Northwest Brands to avoid this double-income taxation? Explain your answer. I believe so‚ the Northwest Brands can stay clear from double-income taxation by electing to be treated as an S corporation
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usual one of Normal distribution with equal variance for all subjects that share levels of both (all) of the explanatory variables. Again‚ we will call that common variance σ 2 . And we assume independent errors. 267 268 CHAPTER 11. TWO-WAY ANOVA Two-way (or multi-way) ANOVA is an appropriate analysis method for a study with a quantitative outcome and two (or more) categorical explanatory variables. The usual assumptions of Normality‚ equal variance‚ and independent errors apply. The structural
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Business Problem Paper The team has submitted a business proposal that discusses the business decisions and subsequent decline of Starbucks Coffee ’s stock price over the last 12 to 24 months. Starbucks is a publicly traded company that offers a variety of products‚ including: brewed coffees‚ Italian-style espresso beverages‚ cold blended beverages‚ roasted whole bean coffees‚ tea products‚ sodas and coffee liqueur (Datamonitor‚ 2007). The company also offers food items and gift ideas such
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Individual report How creativity has been applied to a business idea or problem To make a business grow and achieve productive and efficient results you need to invoke creativity which has always been an essential business skill. Since long time creativity has been applied to a business world as companies seek to use it in all parts of the organization to make it gain more profits and to be exceptional from others. A business person has to find unique solutions every day and he has to know
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Today’s business world is becoming more difficult and complex because of the important numbers of factors to take into accounts. Then‚ with the globalisation‚ more and more firms tends to go global. This trend means that the risks are increasing‚ and have to be monitoring in order to run well. All the transaction are made with money like investment... But‚ the main problem is that almost all countries have currencies different from each others. It means that their values are not the same‚ and
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Terms: Forecast vs Forecast Error We clarify the terms used in the practice problems and the final exam problems. Some statisticians speak of the standard deviation or variance of the forecast. The forecast here is the distribution of future values. It is a random variable‚ which has a standard error (standard deviation and variance). Other statisticians use the term forecast for the mean of the distribution of future values. The forecast error (the error term in the forecast) is the distribution
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