Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students or your faculty member.
I had a boss that earned his Doctorate in Economics. When he first went to work at Eastman-Kodak they about laughed him out of the office when he brought up the cubic cost function. Most companies do not estimate costs deeply for cost/benefit reasons. In Management Accounting, we always look at cost/benefit and in most cases if the estimation method is accurate enough, it is quick, and has almost no cost in calculating we will choose it.
Why is a prediction as accurate when it is rough as when it is very precise?
Reply to at least 2 of your classmates. Be constructive and professional in your responses.
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