GFEBS L230E Cost Management Process Overview With Complete Solution

GFEBS L230E Cost Management Process Overview Direct Cost - A cost such as labor, materials, or supplies that can be traced directly to producing a specific output of an organization, product, and service Indirect Cost - A cost that cannot be traced directly to a specific organization, product, and/or service output They often are allocated on a predetermined basis and generally are synonymous with overhead costs such as general and administrative expenses. Funded Cost - The value of goods or services received because of an obligation of funds by the organization performing the work Unfunded Cost - A cost that is financed by another organization's or activity's appropriations. Variable cost - A cost that changes with a change in output fixed cost - A cost that remains the same regardless of a change in output sunk cost - A cost incurred in the past that will not be affected by any present or future decision incremental cost - The increase or decrease in cost that would result from a decision to increase or decrease output levels