GFEBS L230E Cost Management Process Overview 100% Solved

GFEBS L230E Cost Management Process Overview 100% Solved Direct Cost - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -The value of goods or services received because of an obligation of funds by the organization performing the work Unfunded Cost - Answer ️️ -A cost that is financed by another organization's or activity's appropriations. Variable cost - Answer ️️ -A cost that changes with a change in output fixed cost - Answer ️️ -A cost that remains the same regardless of a change in output sunk cost - Answer ️️ -A cost incurred in the past that will not be affected by any present or future decision incremental cost - Answer ️️ -The increase or decrease in cost that would result from a decision to increase or decrease output levels avoidable cost - Answer ️️ -A cost incurred on an object that will no longer be incurred due to a decision to change the output. unavoidable cost - Answer ️️ -A cost incurred on an object that will be incurred regardless of the decision to change Activity Type - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -Orders are cost objects used to plan, collect, monitor, and settle the costs of jobs and tasks Internal Order - Answer ️️ -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 - Answer ️️ -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. Business Process - Answer ️️ -is a cost object used to capture costs of cross-functional Cost Center activities. Business Processes are the "work" being performed by the Cost Center and Activity Types. Statistical Key Figure - Answer ️️ -is a unit of measure, including quantity or time, by which costs are reported. For example, the number of people (headcount) served at a meal in a dining facility. Cost Management Process - Answer ️️ -four sub-processes that interact and affect one another. The sub-processes are: - Cost Planning - Cost Accounting - Cost Analysis - Cost Controlling Cost Planning - Answer ️️ -Set Cost Targe