GFEBS L230E Cost Management Process Overview 100% Solved

GFEBS L230E Cost Management Process Overview 100% Solved 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 avoidable cost A cost incurred on an object that will no longer be incurred due to a decision to change the output. unavoidable cost A cost incurred on an object that will be incurred regardless of the decision to change Activity Type An Activity Type is the cost master data that represents a group of resources within a Cost Center. These resource groups have capacity and a unit of measure such as: labor hours, machine hours, square footage, etc. Activity Types are used to produce the products and services of the organization. Cost Center A Cost Center is a responsibility center on which costs are incurred. It has an operational manager who is accountable for the resources consumed to produce the cost center's output. Project A Project is an object used to plan, collect, monitor, and control costs for large scale time-based events in Project Systems, when extensive scheduling and resource management capabilities are required. Projects have definite start and end dates WBS A WBS element is an activity within the Project used to plan and update cost data. Some examples of WBS Elements are: tasks, partial tasks, and work packages Order Orders are cost objects used to plan, collect, monitor, and settle the costs of jobs and tasks Internal Order An object used to track costs and revenues (in some cases) associated with internal jobs and tasks. Internal Orders are often used to monitor the costs related to shorter-term projects or those individual services offered by an organization. Work Order A Work Order is a specific task performed on a demand or preventative basis. Work Orders reside in the Plant Maintenance Module in GFEBS. Work Orders are task-driven and specific in nature.