Cost accountingCost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs". Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability.
CostIn production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer.
Activity-based costingActivity-based costing (ABC) is a costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each. Therefore, this model assigns more indirect costs (overhead) into direct costs compared to conventional costing. CIMA, the Chartered Institute of Management Accountants, defines ABC as an approach to the costing and monitoring of activities which involves tracing resource consumption and costing final outputs.
Bit rateIn telecommunications and computing, bit rate (bitrate or as a variable R) is the number of bits that are conveyed or processed per unit of time. The bit rate is expressed in the unit bit per second (symbol: bit/s), often in conjunction with an SI prefix such as kilo (1 kbit/s = 1,000 bit/s), mega (1 Mbit/s = 1,000 kbit/s), giga (1 Gbit/s = 1,000 Mbit/s) or tera (1 Tbit/s = 1,000 Gbit/s). The non-standard abbreviation bps is often used to replace the standard symbol bit/s, so that, for example, 1 Mbps is used to mean one million bits per second.
Cost–benefit analysisCost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy.
