cost estimation method Managers use cost estimation to measure relationships based on previous costs incurred for the same production activity levels, Accounting Assignment Homework Help

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Question Description

Chapter 10 introduces cost estimation methods. Managers use cost estimation to measure relationships based on previous costs incurred for the same production activity levels.

On pages 376-379, four basic cost estimation methods are introduced:

  • Industrial Engineering Method
  • Conference Method
  • Account Analysis Method
  • Quantitative Analysis Method

Please respond to all of the following prompts:

Choose one of these four methods to discuss in detail. In your main response posting, be sure to address the following elements for the method chosen:

  • Important information provided
  • Assumptions used
  • Advantages and/or disadvantages associated with the method

Tutor Answer

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School: Cornell University

1

Running Head: CONFERENCE METHOD
Conference Method
Student’s Name

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2

CONFERENCE METHOD
Conference Method

The conference method refers to a strategy to cost estimation that facilitates pooling
together of data, analyses, and information from expert basis so as to make viable decisions
about costs. In other words, this technique looks at some different dimensions of an organization
to get different viewpoints in regards to costs estimations. The conference approach does
estimate cost roles by opinions and analysis concerning the costs and the drivers attained from a
range of departments in an organization. It departments could be dealing with purchasing,
process engineering, employee relations, and manufacturing (Charnes, Cooper, Lewin, &
Seiford, (Eds.), 2013). The conference technique of cost estimation could be used b...

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