scholarly journals Strategic analysis of the hospitality industry: challenges Covid-19

2020 ◽  
pp. 14-17
Author(s):  
Hanna CHMIL
Keyword(s):  
Life Cycle Cost ◽  
Product Life Cycle ◽  
Hospitality Industry ◽  
Cost Management ◽  
Process Reengineering ◽  
Fixed Costs ◽  
Competitive Advantages ◽  
Product Price ◽  
Strategic Cost Management ◽  
Effective Relationships

The paper considers the features of determining the development strategies and activities of the enterprise in the hospitality industry. A SWOT table for selecting the basic strategy of a restaurant enterprise is constructed. it consists of three basic strategies with corresponding measures: A – strategy for increasing production; B – strategy for stabilizing production; and C – strategy for reducing production. It is proved that under the conditions of adaptive quarantine, the restaurant should choose the strategy C6 (if there are opportunities) and C12 (if there are only threats). It is proposed to choose the following stabilization measures for strategy C6: ensuring the reduction of fixed costs, the use of reserves; C12-lease of current assets; optimization of personnel for qualification; removal of inefficient equipment. The factors influencing the efficiency of cost management of restaurant enterprises are determined. Recommended organizational and economic measures of strategic cost management of restaurant enterprises are designed to improve the result of their activities and achieve competitive advantages. The development of strategic cost management mechanisms is based on the concept of strategic cost chains. Appropriate methods of strategic cost management are proposed, taking into account the stages of the product life cycle: cost control in the process of creating products based on business process reengineering; optimization of the product range, cost management based on the composition of consumers according to the criteria of profitability; cost management based on improving relations with suppliers; cost management and establishment of discount cards by establishing effective relationships with customers based on product price regulations; cost management based on market segmentation and optimization of the sales channel. The prospects for further research are the creation of scenarios for the development of enterprises with the aim of gradually switching to a strategy of sustainable production.

scholarly journals Integrated framework for strategic cost management based on target costing, ABC, and product life-cycle in PDP: Empirical experience

2020 ◽  
Vol 10 (1) ◽  
pp. 31-43
Author(s):  
Maísa Martins Ferreira ◽  
Selma Regina Martins Oliveira
Keyword(s):  
Life Cycle ◽  
Product Life Cycle ◽  
Development Process ◽  
Cost Management ◽  
Business Management ◽  
Target Costing ◽  
Product Lifecycle ◽  
Product Life ◽  
Integrated Framework ◽  
Strategic Cost Management

This study aims to contribute to the planning process on product management. To do so it presents a integrated framework based on strategic cost management, using the methods target costing, activity-based cost (ABC) based on the product lifecycle. This proposal was structured as it follows: Phase 1: determining Target Cost; Phase 2: determining ABC defrayal to the light of the defrayal based on the product lifecycle. The research was elaborated to the light of specialized literature, from which we extracted the variables to formulate the methodology. After that, to show the feasibility and plausibility of the method we applied a hypothetical case study based on the development process of a product to the light of a course/MBA in Business Management in Institution of Higher Education in Brazil. The results were satisfactory and validated the proposal suggested. The survey findings indicate that the integrated method between ABC, target costing and products lifecycle applied in MBA Business Management is quite satisfactory.   Keywords: Framework, target costing, activity-based cost (ABC), costing based on product life-cycle, product development process (PDP);

Idle Costs in the Pandemic

2021 ◽  
pp. 218-232
Author(s):  
Liliane Cristina Segura ◽  
Fernando Nascimento Zatta ◽  
Henrique Formigoni ◽  
Wellington Gonçalves
Keyword(s):  
Cost Estimation ◽  
Production Cost ◽  
Cost Management ◽  
Fixed Costs ◽  
Strategic Cost Management ◽  
Cost Structures ◽  
The World ◽  
Structural Nature ◽  
The Relationship

This chapter focuses on a crucial crisis issue with consequences that have affected many companies worldwide, the spread of the COVID-19 pandemic. Deliveries were cancelled, and many companies closed their facilities completely around the world. Taking into account the capacity and structural nature of fixed costs, activity-based cost estimation may be more appropriate than traditional cost estimation to create the capacity to manage production cost structures to eliminate possibilities for idle costs, as these are a function of using the capacity offered to the installation. This chapter theoretically presents the relationship between the main costs of idleness, crisis, and profitability as a measure of the company's value. This is important, as the company's value can be delayed by the occurrence of a crisis, and the health pandemic has created a field emerging from research with advances in strategic cost management.

scholarly journals A Model of Product Life Cycle Cost Management Based on the Example of the Spartan Multimedia Shooting Training System

Economies ◽  
2021 ◽  
Vol 9 (2) ◽  
pp. 90
Author(s):  
Waldemar Swiderski ◽  
Wieslawa Rolek
Keyword(s):  
Life Cycle ◽  
Life Cycle Cost ◽  
Product Life Cycle ◽  
Cost Management ◽  
Training System ◽  
Accounting System ◽  
Product Life ◽  
Acquisition Costs ◽  
Cost Accounting System ◽  
Whole Life Cycle

Cost management is a process that contributes to increases in efficiency that have an impact on a finished product. Comprehensive cost management uses information that is created by the cost accounting system and new concepts of measurement and valuation of product manufacturing costs. This paper presents the product life cycle costing (LCC) method and the target cost method as concepts used in cost management based on the example of the SPARTAN system. SPARTAN is a stationary training system designed to train, monitor and evaluate sighting and shooting techniques for small arms. The LCC method refers to the estimated cost of a product (in our case, the SPARTAN system) life cycle and it is calculated as the sum of the acquisition costs, ownership costs and operating costs. Having taken into account costs of acquisition, ownership and operation, the results of the LCC analysis were obtained, which show that, keeping in mind the whole life cycle cost, it will be more profitable to purchase the modernized version of the SPARTAN system despite its higher acquisition costs.

scholarly journals FORMATION OF LONG-TERM COMPETITIVE ADVANTAGES OF THE ENTERPRISE BASED ON THE CONCEPT OF STRATEGIC COST MANAGEMENT

2016 ◽  
Vol 2016 (5) ◽  
pp. 171-179
Author(s):  
Екатерина Калинина ◽  
Ekaterina Kalinina
Keyword(s):  
Competitive Advantage ◽  
Cost Management ◽  
Industrial Enterprise ◽  
Comparative Characteristic ◽  
Competitive Advantages ◽  
Strategic Positioning ◽  
Strategic Cost Management ◽  
External Sources ◽  
Cost Factors

The problem of formation of long-term competi-tive advantages of an industrial enterprise based on the concepts of strategic cost management is considered. The introduction explains urgency of the problem being investigated for the Russian enterprises. In the first part various interpretations of the con-cepts are specified: competitiveness and competitive advantage depending on an object to which they are applied. Then the comparative characteristic of some for-mation techniques of competitive advantages is carried out and it is defined that strategic cost management has advantages as it is directed to the formation of unique, more effective and long-term competitive advantages, and also uses all existing internal and external sources. Then the successive stages are given and the for-mation algorithm of competitive advantages based on strategic cost management including the search of ad-vantages using the concept of cost factors, their as-sessment and justification using a file of values con-cept, creation of advantages with the use of strategic positioning concept is developed.

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