From the course: Applying Managerial Accounting
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The bigger picture
- In my experience, it can sometimes be difficult to understand exactly where managerial accounting fits into the bigger picture. Okay, you might be wondering what exactly is meant by bigger picture? Well, someone in your organization is almost certainly going to use the outputs of your work to act. That is, to make some sort of a decision. Let's explore this a little bit further using a common business scenario. Say you've been asked to prepare a lifecycle cost model. Basically, a lifecycle cost model is used to estimate the full cost, that is, costs including ongoing maintenance of an asset or an investment over its expected useful life. This could be, say, a piece of machinery or a customer relationship management software. Now, if you're like me and have strong technical skills, it can actually be rather tempting to just go ahead and build the model as soon as you know what the requirements are. But stop. This…
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