Summary GFEBS L230E Cost Management Process Overview, Exams of Cost Management

Download Summary GFEBS L230E Cost Management Process Overview and more Exams Cost Management in PDF only on Docsity! Summary GFEBS L230E Cost Management Process Overview 1. Direct Cost - answers A cost such as labor, materials, or supplies that can be traced directly to producing a specific output of an organization, product, and service 2. Indirect Cost - answers A cost that cannot be traced directly to a specific organization, product, and/or service output They often are allocated on a predetermined basis and generally are synonymous with overhead costs such as general and administrative expenses. 3. Funded Cost - answers The value of goods or services received because of an obligation of funds by the organization performing the work 4. Unfunded Cost - answers A cost that is financed by another organization's or activity's appropriations. 5. Variable cost - answers A cost that changes with a change in output 6. fixed cost - answers A cost that remains the same regardless of a change in output 7. sunk cost - answers A cost incurred in the past that will not be affected by any present or future decision 8. incremental cost - answers The increase or decrease in cost that would result from a decision to increase or decrease output levels 9. avoidable cost - answers A cost incurred on an object that will no longer be incurred due to a decision to change the output. 10.unavoidable cost - answers A cost incurred on an object that will be incurred regardless of the decision to change 11.Activity Type - answers An Activity Type is the cost master data that represents a group of resources within a Cost Center. These resource groups have capacity and a unit of measure such as: labor hours, machine hours, square footage, etc. Activity Types are used to produce the products and services of the organization. 12.Cost Center - answers A Cost Center is a responsibility center on which costs are incurred. It has an operational manager who is accountable for the resources consumed to produce the cost center's output. 13.Project - answers A Project is an object used to plan, collect, monitor, and control costs for large scale time-based events in Project Systems, when extensive scheduling and resource management capabilities are required. Projects have definite start and end dates 14.WBS - answers A WBS element is an activity within the Project used to plan and update cost data. Some examples of WBS Elements are: tasks, partial tasks, and work packages 15.Order - answers Orders are cost objects used to plan, collect, monitor, and settle the costs of jobs and tasks as monthly costs, quantities, etc.) over a significantly long period to (1) detect a general pattern of relationships, and (2) project the future direction of this pattern. 35.Economic Analysis - answers The systematic analysis used to determine the optimum use of scarce resources, involving the comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints. It takes into account the opportunity costs of resources employed and attempts to measure in monetary terms the private and social costs and benefits of a project to the community or economy 36.Cost/Benefit Analysis - answers The analysis used to associate the costs of a project or undertaking and the perceived benefit (monetary or non- monetary) of the undertaking 37.Life Cycle Cost Estimate - answers The estimate of a program or project over the full lifecycle - from concept development to disposal 38.Cost/Risk Analysis - answers The assessment of cost in reference to probability or risk of potential outcome 39.Actual Cost Line Item Report - answers Displays the actual cost line items associated with a cost center, cost center group, cost element, and/or cost element group for a specific period 40.Plan/Actual/Variance Report - answers Displays a side-by-side view of the actual and planned costs, along with their associated cost variances 41.Cost By Report - answers Provides the cost by all cost objects, budget plans, cost plans, and variances with multiple attributes 42.Unit Cost Report - answers Generates dollars per unit of output (e.g., meals served or equipment issues) based on the selection parameters chosen 43.Detailed Labor Cost Report - answers Provides information by employee for payroll and ATAAPS 44.Payroll Audit Report - answers Used to reconcile and adjust payroll- related issues 45.User-Defined Variants - answers As in ECC, users can define filter values and save them as variants. These variants allow users to quickly access data sets they use daily 46.Ad-hoc reports - answers The report structure is pre-defined, however the users can "drag-and-drop" fields into the reports as needed to generate their own versions of the report 47.Favorites - answers Users can save their own versions of the report as a "favorite," for quick access to often-compiled reports 48.Cost Controlling - answers is where the benefits of Cost Management are realized. This step is where managers and leaders, using the results of their cost analysis as decision support, implement the changes and enhancements that ultimately will move us towards a more efficient Army 49.Cost Management - answers management of business operations efficiently and effectively through the accurate measurement and thorough understanding of the full cost of an organization's business processes, products and services. These processes will provide the best value to customers. 50.Full Costs - answers The monetary value of resources consumed to produce a program, project, or activity. Also, the objective of full cost may NOT necessarily be a GFEBS cost object. Full costs can span appropriations and fiscal years, and can include unfunded costs. The full cost of an output is the sum of: 51.The cost of resources from an organization's budget that directly or indirectly contribute to the output. 52.The cost of identifiable support provided by other parts of the organization producing the output and cost associated with support from outside organizations. This may include support from other services 53.Primary Cost Elements - answers Expenditures that are sourced externally, such as most of today's EORs (excluding the 2700s). 54.Typically, but not necessarily, indicative of cash out flows (e.g., depreciation). 55.Start with the United States General Ledger (USGL) indicator, such as 6100 or 6400 for expenses. 56.They are a 1-to-1 match with the general ledger account used for financial accounting