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Proposed strategies for improvement in costing and pricing system of the organisation ASDA can adopt the following techniques to reduce its costs JIT system of inventory The JIT approach suggests

Proposed strategies for improvement in costing and pricing system of the organisation: ASDA can adopt the following techniques to reduce its costs: JIT system of inventory: The JIT approach suggests that an organization needs to procure input materials as and when required in the production process. This reduces the inventory level, which further reduces the carrying cost of inventories. Activity based management: Activity based costing technique is used to identify and eliminate non-value adding (NVAs) from the business operations, which further leads to a reduction in operating costs. Consistent monitoring and control: Monitoring and control helps in preventing the deviation of actual costs from the budgeted ones through observation, feedback sharing and corrective measures. Total Quality Management (TQM): TQM is focused on consistently improving business processes which makes production and other business processes more efficient. Increase in output reduces the per unit total cost of production. 2.1 Forecasting of cost and revenues: Accurate forecasting of cost and revenues are essential for the development of sound business strategies. An organization can make forecasts based on historic trends or future probabilities (Agrawal, 2009). However, a combination of both historic study and future probabilities can help in making more accurate predictions. The most common forecasting techniques are mentioned below: ? Delphi technique ? Scenario writing ? Subjective approach ? Time-series forecasting

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Order NoEHUK5992Word3000Deadline2015-11-21Allocation Date2015-11-21 01:02:00Order TypeFinance AssignmentAcademic LevelMasterSubjectFinanceOrder DeliveryTopic Managing Financial (Hanan) Admin Remark Please follow the guidelines strictly Do make sure all the points have addressed and cross checked No basic errors such as – grammar, spelling , sentence formation and wrong references will be accepted Downloads

Jul 27 2020 View more View Less

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