Manage costs before they occur

"Traditional cost cutting has always had a backward focus and created lots of negative reactions–both rational and irrational. In his new book, Jan Emblemsvag introduces a new forward looking life-cycle approach to cost management. Employing foresight instead of hindsight puts the focus on processes, uncertainty and risks, and future value creation.

"The author’s strong side–besides having a good holistic concept–is the ability to express himself accurately and clearly on very complicated and sophisticated theory. Managers, consultants, and others with interest in cost management will be enlightened and inspired by the book–and no doubt find it of great help in applying the methods and processes that are presented.

"The idea of turning uncertainty into an asset for managers is quite unique. Making budgeting less data-oriented and more risk-oriented is another good idea. The next step now is to make operative approaches and apply the theory in practical situations!"
–John-Erik Stenberg
Considium Consulting Group AS

"This book skillfully combines the ideas of life-cycle costing and activity-based costing to come up with an approach to effectively manage costs in an uncertain environment."
–Dr. Arnold Schneider
Professor of Accounting
Georgia Institute of Technology

Life-Cycle Costing (LCC), a cost projection method typically associated with engineering, allows for the accurate prediction of the total costs a product will incur throughout its life-cycle. Meshing this technique with activity-based costing, risk management, and Monte Carlo analytical methods, Jan Emblemsvåg offers a broad range of businesses a new, more effective approach to cost management in Life-Cycle Costing.

By introducing uncertainty into its models, "Activity-Based LCC" offers managers the clarity of hindsight before costs are actually incurred. Among other features, Life-Cycle Costing includes:

• Three case studies that demonstrate how Activity-Based LCC affords superior cost management
• A step-by-step guide to LCC methodology
• Definitions of key terms
• A discussion of activity-based costing and risk management fundamentals
• An appendix with examples of Monte Carlo methods

Life-Cycle Costing provides controllers and cost managers an insider’s look at the next generation of cost management techniques.

This bestseller text offers clear, simple-to-understand and comprehensive coverage of management and cost accounting. Management and Cost Accounting, 8th edition brings together techniques, concepts and practices in a way that is readable and with language that is easy to follow. Keeping its international focus, the text includes a wealth of case studies featuring companies from around the world, and offers up-to-date coverage of the most contemporary aspects affecting management accounting today, such as a greater emphasis on sustainability, as well as AI, automation and other technologies. Packed with illustrations, examples and real-life applications, this book will help you learn about the aspects of management accounting that are essential in your study and your future performance in the workplace. Key Features Up-to-date coverage of the impact of digitalisation and application of new technologies, including blockchain systems, artificial intelligence and more. Sustainability practices are now given more space with new examples covering topics such as renewable energy and initiatives to lessen environmental impact. A wealth of resources, including professional accountancy practice exercises, and end-of-chapter questions, provide opportunities to learn and develop exam ability. A range of new real-life applications in 'Concepts in Action' boxes show how managers use accounting techniques in the business world. Harvard Business School and other cutting-edge case studies illustrate how management accounting is deployed in different types of enterprise across the globe. Also available with MyLab Accounting MyLab (R) is the teaching and learning platform that combines trusted author content with digital assessments, help tools to use at point-of-need, and a flexible platform. MyLab Accounting for this book includes over 800 exercises on the topics in the book. If you would like to purchase both the physical text and MyLab (R) Accounting, search for: 9781292436012 Management and Cost Accounting 8th edition with MyLab Accounting Package consists of: 9781292436029 Management and Cost Accounting 8th edition 9781292435992 Management and Cost Accounting 8th edition MyLab Accounting 9781292436005 Management and Cost Accounting 8th edition eTextbook MyLab (R) Accounting is not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

The Conservative's privatisation programme was one of the most ambitious aspects of their attempt to redraft the political and economic map of the United Kingdom. Originally published in 1988, this book explores the processes of privatisation from a variety of standpoints. Its contributors include academics, enterprise executives and government officials, many of whom had been closely involved in the programme. Fiscal, legal and social aspects of privatisation are explored but the book treats the subject as more than an immediate political issue and takes the opportunity to discuss the success - or otherwise - of public enterprise and to explore the implication of the UK experience for other countries which have an interest in privatisation.

Public enterprises have played a central part in the development of all mixed economies in the post-war period, but they are now in a crisis phase. Privatisation has pushed back the level of public enterprise almost throughout the world. Where public enterprises remain, they are being brought under significant reforms. Originally published in 1991, this book presents a comprehensive critique of public enterprise, analysing why its performance has fallen far short of expectations. Part one is concerned with the establishment of public enterprises: the case for them, the circumstances in which they emerged, the extra enterprise objectives attached to them, and the decisions on their investment feasibility and capital structure. Part two looks at the working of public enterprises: the state of their financial performance, the peculiarities of pricing, the determination of targets which they should meet, the continuous monitoring and evaluation of their operations. Macro concerns are the focus of Part three. Among the issues addressed are the level of indirect taxation and subsidisation implicit in the pricing structures of public enterprises, the links between public enterprise and the public exchequer and the implications of their operations for distributional equity. In Part four the extent to which privatisation can solve the problems of public enterprise is discussed. The book ends with some broad conclusions on the future of public enterprise. Throughout, the approach is analytical, but the arguments are supported by extensive examples from both developed and developing economies.

In both the developed world and the third world public enterprise has come to assume considerable importance in the structure and development of national economies. Originally published in 1984, this book, by an acknowledged international authority on public enterprise, explores this concept in both the major and the developing economies. He analyses how public enterprise functions and demonstrates how it may be integrated into both traditional Western mixed economies and third world economies with a much high level of state control.

How amenable is public enterprise to the implementation of national distributional policies? This is the question explored here by Professor Ramanadham. Originally published in 1988, he examines the various channels through which distributional effects take place through their operations, and draws attention to the implicit conflicts of interest among consumers, workers, and tax payers. He focuses on the problems associated with the use of public enterprises as instruments of distributional goals and examines the question of whether direct budgetary measures on the part of government would be preferable. There are detailed analyses of the distributional implications of wage incomes, prices, and surpluses in the public enterprise sector. Finally, the author comments from the distributional angle on the results of privatization. Here is a detailed study of the way in which public enterprise may be employed as an instrument of redistribution of income and wealth, also of the extent to which this is feasible.

Originally published in 1959, the subject of this book is an aspect of economic development which, despite its importance, had rarely attracted more than incidental attention at the time. The author's interest in public enterprise in underdeveloped countries was stimulated by a year's residence in Turkey. He felt the time had come for a general comparative study. Defining comparative as (1) between developed and underdeveloped countries, and (2) between different underdeveloped countries at dissimilar stages of development or with dissimilar development perspectives. The purpose of the first is to discover what the developed can offer the underdeveloped by way of adaptable experience and relevant ideas; that of the second to examine the use of public enterprise in the many different social, economic and political contexts to be found in the less advanced parts of the world.

Routledge Library Editions: Public Enterprise and Privatization (14 Volume set) presents titles, originally published between 1933 and 1991. The set covers both public enterprise and privatization and the impact they have had in the developed and developing world from the start of the twentieth century through to the early 1990s. Written by key figures in the field, it will be of particular interest to students of business, economics, finance and industry.

This Volume, edited by Peter W. Wolnizer, Professor of Accounting at the University of Sydney, makes available the collected writings of Walter P. Scheutze, a senior accounting practitioner. The articles, speeches and letters collected here probe the most fundamental problems of corporate financial reporting, cogently arguing the case for accounting reform and proposing well-informed solutions to these problems.

The greatest concern for all Americans today - leaders and followers alike - is how their prosperity seems to depend on a shrinking foundation of technology-only growth. And the onset of artificial intelligence only threatens to marginalize people even more with job loss and increasing isolation inside the few remaining jobs that it will leave behind. This book helps us understand that business growth fueled by labor productivity does not rely on leadership as we've come to celebrate it, but on our ability to sustain loyalty and commitment to one another- a following if you will - inside and outside our workplaces. When we recognize and understand our historical Followership Cycles, we can begin to restore our workplaces to their lost role as a place to meet the demand of all Americans for a better future. This illuminating book: Provides a new, sustainable growth model based in the socioeconomic realities of modern America and the world it wants to lead - a new Followership System. Tells the story of how one profession, on the brink of disappearing into irrelevance, will lead the new Decision Economy into the 21st century. Demonstrates the development of the "leaderless" specialists who will manage evidence together to pursue a Reason-to-Grow. Stresses the importance of charging all C-Suite executives with leading a continuous process of discovering, articulating and then defending those stakeholder agreements to share purpose. Reveals, not the technology infrastructure, but the social architecture that organizations will use to build new social capital - the Followership that will propel our New Giants to future greatness. New Giants Rising takes us on a journey of the Followership Cycles of our recent past. And, more importantly, it puts forth a plan of action - voiced very simply by Henry Ford during the last cycle over a century ago when he faced the same moment then as we do now: "Coming Together is the Start. Keeping Together is Progress. Working Together is Success."

Learning, Unlearning and Re-learning Curves (Volume IV of the Working Guides to Estimating & Forecasting series) focuses in on Learning Curves, and the various tried and tested models of Wright, Crawford, DeJong, Towill-Bevis and others. It explores the differences and similarities between the various models and examines the key properties that Estimators and Forecasters can exploit. A discussion about Learning Curve Cost Drivers leads to the consideration of a little used but very powerful technique of Learning Curve modelling called Segmentation, which looks at an organisation's complex learning curve as the product of multiple shallower learning curves. Perhaps the biggest benefit is that it simplifies the calculations in Microsoft Excel where there is a change in the rate of learning observed or expected. The same technique can be used to model and calibrate discontinuities in the learning process that result in setbacks and uplifts in time or cost. This technique is compared with other, better known techniques such as Anderlohr's. Equivalent Unit Learning is another, relative new technique that can be used alongside traditional completed unit learning to give an early warning of changes in the rates of learning. Finally, a Learning Curve can be exploited to estimate the penalty of collaborative working across multiple partners. Supported by a wealth of figures and tables, this is a valuable resource for estimators, engineers, accountants, project risk specialists, as well as students of cost engineering.

Breakthrough new ideas from the leading pioneer in integrated reportingImmediately useful with clear and concise chaptersProvides the most complete story of integrated reporting for managers and students

Businesses are complex, and, as a result, teachers face a difficult task developing students' understanding of how they work, especially in the global context. Accounting for Business Studies helps teachers focus on modern commercial issues and integrates accounting into business and management studies. This book includes: * A business perspective rather than an accounting perspective * e-business, including case studies * Globalisation, including case studies * Business skills, like interpretation, analysis and communication * IT integrated into specific business situations * Includes models such as Porter's Five Forces, Supply Chain, Product Life Cycle

Capitalizing on the extensive experience of the author in estimating shadow prices, Shadow Prices for Project Appraisal forges a bridge between theory and practice, explaining what shadow (or accounting) prices are, how they are used, and how they can be estimated. Starting from the basic principles of applied welfare economics, Elio Londero's book provides a step by step derivation of those formulas more frequently utilized in estimating shadow prices. The preparation and use of input-output techniques are examined in detail, and different estimation approaches and updating procedures are presented. Finally, a detailed case study of shadow prices for Colombia illustrates their practical application. This book will be essential reading for students and teachers interested in cost-benefit analysis, and in shadow prices as a specialized field of applied welfare economics. In addition, the book will be an invaluable source for applied economists and practitioners interested in calculating shadow prices.

Winner of a Shingo Research and Professional Publication Award! At the heart of Lean and Six Sigma is the same, unique business operating system: hoshin kanri. It is a method of strategic planning and a tool for managing complex projects, a quality operating system geared to ensuring that organizations faithfully translate the voice of the customer into new products, and a business operating system that ensures reliable profit growth. The true power of hoshin kanri, however, is two-fold -- it is a superior organizational learning method as well as a competitive resource development system. Hoshin Kanri for the Lean Enterprise, by Tom Jackson, explains how you can implement, identify and manage the critical relationships among your markets, design characteristics, production systems, and personnel to satisfy your customers and beat your competition. This practical workbook provides- A new understanding of hoshin kanri as a grand experimental design implemented through a system of team agreements. Clear explanations of the steps of hoshin kanri. A measure of overall business effectiveness used to determine the focus of corporate strategy. A new, improved X-matrix that incorporates a lean "balanced scorecard" for identifying improvement opportunities and converting them readily into bottom line results as a value stream P&L in terms that financial managers and accountants can understand and support. Downloadable resources containing forms, meeting agendas, and examples of X-matrices that serve marketing and design engineering as well as manufacturing. This workbook will show you the mechanics of implementing hoshin kanri, so that you can systematically improve your brand equity, implement Lean manufacturing and Six Sigma, and integrate your suppliers into a Lean and Six Sigma organization.

This new text is intended as a companion volume to the existing Wiley title Financial Reporting and Analysis by John Dunn, published in Jan 2010. Advanced Financial Reporting and Analysis will complement the existing book by offering the opportunity to continue into the third year with a similar approach, but will also stand alone as a book that could be adopted without having used the earlier volume.

This book, first published in 1990, is a practical manual which presents guidance on how to carry out and evaluate an employee relations audit. This title also provides audits for five key areas of employee relations, including communication and consultation, equality of opportunity and disciplinary matters. This book should be of interest to lecturers, post-graduate students and practitioners of management, personnel, employee relations and industrial relations.

Since its inception some 40 years ago, petroleum-specific taxation in the UK has been subject to numerous modifications. Often these modifications were brought into place not only to sufficiently incentivise the investors but also to capture a fair share for the government. However, it is evident from the frequency of changes that finding the right balance between these two aims is no easy matter. Such a balance, and the consequent fiscal stability, is necessary for the long-term relationship between the parties to endure to their mutual benefit. Still, it does not take much for one or other party to feel that they are out of balance. As a consequence, one party feels that the other party is taking an undue proportion of the value generated and that they are losing out. Yet achieving that balance and fiscal stability is possible. To understand this possibility, this book first clarifies what is meant by sufficient incentivisation and fair share before developing a new fiscal system that manages this balance and stability. Such clarification yields objective criteria against which to assess not only the existing regime, but also the newly proposed regime. This approach is further complemented by the critical analysis of the fiscal legislative framework and the evaluation of the legal positions of specific contractual elements and mechanisms found within that framework. This latter analysis is important in order to reduce the legal uncertainty such elements may create, which can otherwise lead to further reactive amendments and revisions to the fiscal regime in the future.

This practical guide to cost studies of buildings has been updated and revised throughout for the 6th edition. New developments in RICS New Rules of Measurement (NRM) are incorporated throughout the book, in addition to new material on e-business, the internet, social media, building information modelling, sustainability, building resilience and carbon estimating. This trusted and easy to use guide to the cost management role: Focuses on the importance of costs of constructing projects during the different phases of the construction process Features learning outcomes and self-assessment questions for each chapter Addresses the requirements of international readers From introductory data on the construction industry and the history of construction economics, to recommended methods for cost analysis and post-contract cost control, Cost Studies of Buildings is an ideal companion for anyone learning about cost management.

It is widely accepted that natural resource wealth, especially in the form of oil and minerals, can be a key factor in inhibiting economic development. Many of the countries that are richest in natural resources - including oil, metals and diamonds - are amongst the world's poorest. Why? Fiscal Policy and the Natural Resources Curse re-examines this ancient, unsolved puzzle, asking why many governments of natural resource-intensive countries are incapable, in a globalised world, of dealing with the natural-resource curse. This book offers a detailed analysis of the power-relationships which underpin the natural resource curse, using both statistical analysis and country case studies from Africa and Latin America to pinpoint the strategies that have enable developing countries to break out of the poverty trap. The book differs from other works on this subject, as it not only identifies the issues at stake but also offers solutions in the form of a series of suggested policy measures. The work focusses in particular on fiscal escape routes, namely measures to develop and diversify the tax system, and to reallocate and target public expenditure. This volume will be of great interest to scholars of economic development, the economics of natural resources and economic growth as well as all those with an interest in development, global politics and anti-poverty policies.

Accounting is a social practice: it should be evaluated in terms of its contribution to a notion of social well-being. In order to do this, this book elaborates a critique of contemporary accounting. The authors encourage those with a close interest in accounting to make the search for a more emancipatory and enabling accounting a core area of their interest. The book will stimulate debate and activity in the arenas of education, research, practice and policy-making.

Pulls together variables recognized by academic scholars and practitioners as important for conducting performance budgeting and integrates these factors into a holistic model of improved theoretical logic. Engages a multi-methodological approach to provide an empirical foundation for the framework developed. Contains case studies from around the US, and will appeal to Organization for Economic Cooperation and Development (OECD) countries such as Latin America, China, South Korea, Taiwan and numerous developing countries in Asia.

There is increasing interest in accounting issues in China. Despite a relatively short history, China's stock market is the world's second largest. This growth has been accompanied by increasing demand for accounting information alongside reforms of accounting and auditing rules, as international investors have paid increasing attention to investment opportunities in this dynamic and energetic country with a large population and economic growth potentials. Despite this, at present there are few books which offer students, academics and practitioners a comprehensive guide to current accounting issues in China. The Routledge Companion to Accounting in China fills this important gap in the literature. The volume is organized in six thematic sections which cover capital market and corporate finance, financial accounting, managerial accounting, auditing, taxation and internal controls. The structure is intended to reflect the increasing diversity of contemporary accounting issues in China, including a balanced overview of current knowledge, identifying issues and discussing relevant debates. This book is a prestigious reference work which offers students, academics and practitioners an introduction to current accounting issues in the emerging market of China.

This title was first published in 2003. Our cherished economic indicators of income, product, consumption and capital fail in taking a long-term view of social progress. They do not account for environmental deterioration, which impairs the quality of life of present and future generations, and hence the sustainability of development. "Greening" the conventional national (and corporate) accounts introduces environmental impacts and costs into these accounts and balances. The result is a new compass for steering the economy towards sustainability, which may change not only our main measures of economic performance but also the basic tenets of environmental and resource policies. This book presents methodological advances and case studies of environmental accounting, and discusses their use in environmental management and policies. In their introduction, the editors provide a critical perspective of historical developments and current debates.

As technology evolves, it can be difficult to maintain a competitive edge. The management of intangible resources like competence, relationships, brands, processes and systems becomes increasingly important in such a world. Intellectual Capital as a Management Tool reviews the evidence to demonstrate where the intellectual capital view of the firm has made major contributions. The book introduces an updated version of the Intellectual Capital Navigator as an operational tool to help managers maximise value generation from an organisations portfolio of diverse resources. This tool is the only tool that enables organisations to use the resource based view of the firm in an operational way. The book also discusses future developments of the Intellectual Capital Navigator, increasing its precision around the financial aspects of the organisation. The book has broad application across all types of organisations and in all operating environments and is vital reading for managers who want to understand and exploit the importance of managing intellectual capital.