GFEBS L230E: Cost Management Process Overview Course Assessment Rated 100% Correct!!

A Business Process is a unit of the organization from a costing perspective and is used to collect costs. Business Processes are used to track and manage costs for responsibility segments of the Army. - FALSE _____________ allows the manager to plot out the costs expected to be incurred during the coming year as they work to accomplish their assigned mission and provide goods and services to their customers. - Cost planning is where managers and leaders, using the results of their cost analysis as decision support, implement those changes and enhancements that ultimately move us towards a more efficient Army. - COST PLANNING Cost Management in GFEBS consists of Cost Accounting, Cost Planning, Cost Controlling, Cost Analysis, and Cost Testing. - FALSE Assignments, rather than Allocations, should be utilized where possible unless the quantities of products and services cannot be tracked or are cost prohibitive - TRUE __________ is 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 type Knowing your obligations is the same as knowing your costs. - FALSE _______ is predicting future dollars, quantities, and outputs, based on expected requirements and/or workload. - Forecasting The Actual Cost Line Item Report and the Cost by Report are both ECC reports - FALSE