A major focus of managerial accounting is trying toquantify and manage costs, as generally abusiness is better able to manage costs as opposed to try to manage revenues (mainly since a companyinitiatecosts, but has to "hope" there is demand for its product and/orservicein order to generaterevenue). A company will at times will time and effort study in order to understand a process of its business and beablequantifythe costs and resources needed (i.e. understand its costs). This week yourtask is the following:

Think about something you do in your life rather frequently, and a mock time study of it.

1. Describe the process andevaluateif there is any waste involved

2. Describe any steps you could take to eliminate or reduce the waste

3. Try to implement some of these "eliminations"