respond to each attachment individually, respond as if you were speaking to the person directly using the response guidelines in each attachment.

Response Guidelines Please respond to the below as if you are speaking to the person directly What obstacles do you anticipate encountering as you follow the processes described? What strategies can you recommend for overcoming them? Tonette This internalization of processes such as spinning, weaving and assembly created a need for determining the cost of performing these activities inside the company. From this modest beginning, management accounting has evolved into a dynamic and extremely important, although controversial part of business and economics. As a result, this discipline provides a great many opportunities for individuals who seek careers in accounting and other areas of management. Three critieria can generally be used to identify different market segments: homogeneity, or common needs within a segment; distinction, or being unique from other groups; and reaction, or similar response to the market. For example, an athletic footwear company might have market segments for basketball players and long-distance runners. Cost management is a team that has been popularized by CAM-I (Consortium of Advanced Management- International). Cost management is said to be a more comprehensive concept than cost accounting in that the emphasis is on managing and reducing costs rather than reporting costs, In other words, it is a long run proactive approach rather than a short run reactive approach. for example, a great deal of attention is given to reducing costs at the design stage of a product's life cycle rather than simply attempting to measure and control cost during the production stage. Investment management involves the planning and decision process for the accquistion and utilization of an organization's resource, including human resources as well as technology, equipment and facilities. Reference: Response Guidelines Please respond as if you were speaking to the person directly What obstacles do you anticipate encountering as you follow the processes described? What strategies can you recommend for overcoming them? Jimmy In my own personal experience, I believe that dealing with volume is an approach every new entrepreneur should take into consideration. As an entrepreneur myself, I decided to sell things on ebay for the cheapest price available which attracts customers to my store. I do my due diligence by looking at competitor pricing, price history that way I can understand my target market. I also adjust price by days of the week and during holidays. Deciding where and what to buy for my store required lots of due diligence. Most of it came from China, because as much as I would like to sell American made things, China sell things at affordable prices that are just as good. I do have to consider the overhead, the materials, postage, labor, etc. After one year, a one man crew, sold 100k in revenue and 30k in profit. It was a great experience, but required continuous due diligence and customer which was difficult Response Guidelines Respond as if you are speaking to the person directly Assume you are the tour guide. What questions do you have about the way your proposal was analyzed? What changes might you make to your proposal to make it more appealing? In what ways do you see applying the approach taken in for the Grand Canyon Railways analysis to other situations? Timberly to best determine whether or not to accept the recommended option of b, we must look at the revenues earned versus the costs of option b. See below: Option B Total Revenue $480 Costs Fuel $13 Tour Guide $200 Moving Car $40 Total Additional Costs $253 Total Profit $227 When you compare revenues to cost, we see that option b would net the company an additional $227 for simply adding a car. To determine profitability we must include the added cost of a tour guide and car because if they are too much than the tour guide services may not be used. Depreciation is a fixed cost that will not change regardless of usage or no usage therefore it is not considered for basis of accepting this proposal. Although in the future, depreciation may become an issue if you use the car more than what was originally planned for when the car was purchased. Increased usage will speed up the amount of time needed to replace the car, so with that in mind, they need to think about how much it will cost in the future and if it is still profitable. Response Guidelines Please respond as if you were speaking to the person directly Assume you are the tour guide. What questions do you have about the way your proposal was analyzed? What changes might you make to your proposal to make it more appealing? In what ways do you see applying the approach taken in for the Grand Canyon Railways analysis to other situations? Wei After completing your analysis for the Grand Canyon Railways assignment, post your response with an explanation of the approach you took and your analysis. In what other ways could this problem have been approached? The key is to determine relevant information form irrelevant In Grand Canyon railway assignment, use the cost-plus pricing method, which means sets a prices by computer the average cost and then adding a desired makeupthe amount by which price exceeds costthat will generate a desired level of income. The key is how to determine the \" plus\" in cost plus. In this case, Irrelevant cost: Irrelevant costs are the costs which are not relevant to the decision making process as either they are incurred irrespective of the decision taken or they are sunk costs. Hiring chargers for tour guide, Because hiring charges will be paid by grand canyon railway irrespective of the decision taken by them Depreciation, no-cash expenses , because they do not affect the cash flows of a business . More detailed, Grand Canyon Railway assignment use cost bases for cost-plus pricing, which is to set a desired price for products or services, managers often add a markup to some measure of costs-thus, the term of cost plus. Four popular markup measures of cost including variable manufacturing cost, total variable costs; total manufacturing costing; full cost. In this case is additional engine charges to run a special tour, Moving cost of extra, extra fuel cost