The paper “ Human Capital Management, Cash-to-Cash Cycle Time, Make-to-Stock and Make-to-Order Production Strategies” is a cogent example of an assignment on management. Human capital management (HCM) refers to an integrated approach that aims to direct and develop people’ s capabilities to realize considerably higher levels of organizational performance. 2. Lead time refers to the time period between the commencement and completion of any activity. 3. Succession planning is the process of identifying and developing potential workers or individuals for the top managerial or administrative positions that are likely to become vacant for one or other reasons in the future.
4. Activity-based costing (ABC) refers to a costing approach that allocates overhead costs to multiple activity cost pools and then assigns the activity cost pools to products and services by means of cost drivers. 5. Cash-to-cash cycle time refers to the duration that investment on raw materials takes to generate returns for an organization. Essay2. Discuss how variances between standard and actual costs result and how a product cost per unit sold can be calculated. Also, include in your discussion why cost variances would be difficult to research in a paper-based system. Standard costs refer to rational cost approximations done using historical and future overhead financial risks.
Normally stated in cost per unit, the costs provide a predetermined, performance level for use invariance analysis. This refers to the process used to evaluate the variation between actual and standard costs as well as to identify sources of those disparities. This indicates that actual costs include historical costs that are based on actual transactions and operations for the just-ended business period. On the other hand, cost variances refer to the “ differences between actual and standard costs” (Shim & Siegel 2009, p. 206).
For most cost items, there exist two general kinds of variances: price and quantity variances. They can be applied in computing direct materials, factory overhead, and direct labor. In addition, cost variances may be favorable or unfavorable, with favorable cost variance resulting when the standard cost exceeds the actual cost and it shows efficiencies in incurring production costs and in using direct materials and labor as well as production overhead.
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