From the course: Accounting Foundations: Cost Estimating
Join today to access over 22,500 courses taught by industry experts or purchase this course individually.
Relationships among cost, value, and performance
From the course: Accounting Foundations: Cost Estimating
Relationships among cost, value, and performance
- Experienced cost analysts never say do less of something. Instead, they think about how to do things differently. At the heart of cost estimating is proactively managing costs. This is why you'd estimate costs in the first place. Some also call this cost control but it's not really about control or keeping costs in line, it's more about making meaningful management decisions. The first thing to ask is why are you estimating costs in the first place? I might say to manage costs, but a better answer is to improve performance and deliver value for users and customers. Managing costs is really about identifying the cost of the resources that add value to your effort. It's not about having greater or fewer costs but having the right costs, or actually having the right resources. Your role is not to account for a bunch of costs, your role is to make sure those costs are driving positive performance for stakeholders and value…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.