From the course: Activity-Based Costing
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Next Steps
- Before you run off and use your new activity-based costing skills, which I know is exciting, here are just a few tips to make sure you deliver successful outcomes. Firstly, connect with your stakeholders. A strong ABC model relies on strong relationships. It's in these relationships that you can properly frame the value of ABC. Keeping an open dialogue will also ensure that you have a clear path to clarify any potential misunderstandings. Secondly, I recommend starting simply, using a simple tool, such as Excel. You don't need to dive into the more complex systems straightaway. Get comfortable with living and breathing ABC first. And finally, I see a lot of fantastic work done on ABC models that get poorly presented and articulated to stakeholders. It isn't enough to just build a beautiful model. You also have to translate the outputs in a way that resonates with decision makers and makes them feel empowered. So there you have it, activity-based costing. By now, you should feel very…
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