Finance and Accounting Essay: Lean Management

Finance and Accounting Essay: Lean Management Essay example
Masters
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Finance & Accounting
Pages 12 (3012 words)
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Accounting Report to the Board of Directors Agendas Discussed in the Report: 1) Being the financial director of Maniac Plc which deals with the production and sale of standard electrical goods. The organization needs a full review of costing in order to recognize those regions which have not convene budgeted expectations…

Introduction

Decision of which costing system should be adopted depends upon a number of concepts like the organizational design, the economic activity of the organization, the bargaining and the influence costs etc. The models and concepts which influence the pricing decisions of a firm are management accounting decisions. The pricing strategy of a firm is influenced by several factors which include the fixed and variable costs of the firm and the environmental factors which include legal analysis and competitor analysis. Some of the specific concepts in cost accounting are lean accounting, resource consumption accounting, transfer pricing etc. Manufacturers need to consider various fields like the supply chain process, the assets risk to low cost etc. while determining an appropriate costing strategy for the firm. The term Lean Management means the principles that are used for lean production. The basic idea of the concept of lean manufacturing is to reduce the wastages incurred in any form in the firm. The wastages of the firm which can be minimized through the use of Lean Management principles are the defects in production as there is no proper utility of the product. ...
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