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Dangerous Manufacturing Rules of Thumb
Find out how fixed and variable cost confusion, counting profit as a percentage of sales, over focusing on cost management and product cost, and pursuing return on investment the wrong way can hurt your facility and your profits.
Apr 30th, 2021
In today’s data rich world, managers have little excuse to rely on “rules of thumb” except for habit and convenience; but these are surprisingly powerful forces. A history of success and survival creates confidence in rules of thumb, and often managers don’t recognize the fundamental changes that are occurring. Recognize your decision biases, and ensure decisions are based on data and facts with clear causal relationships to resources, operations, and economics. Let’s explore a few common “rules of thumb”.
Revenue management: a new perspective and framework
Verdict Staff January 4, 2021 (Last Updated January 26th, 2021 10:56)
Over a century ago, young DuPont staffer Donaldson Brown was asked to develop a detailed report on operational performance across his company’s various departments. What he created was the return on investment (ROI) computation, or ‘DuPont formula’, which would be used as a mainstay in management accounting and corporate finance for nearly 100 years. But is it time for finance professionals to think differently about ROI? Raef Lawson, VP – research and policy and professor-in-residence at the Institute of Management Accountants (IMA), writes
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In a recent IMA Statement on Management Accounting (SMA), Revenue Management Fundamentals, leading researchers sought to factor revenue management into a model that tends to focus primarily on cost management.
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