Why do you think it\'s difficult to understand some of the basic cost terms in t
ID: 401277 • Letter: W
Question
Why do you think it's difficult to understand some of the basic cost terms in this chapter? Why aren't many technical people interested in cost-related subjects? What could be done to change this? 2. Suppose you were asked to prepare a cost estimate for a project to purchase laptops for all faculty and staff at your college or university. How would you start? How long would it take you to prepare a good estimate? What type of estimate would you prepare, and what approach would you use to develop a cost estimate? 3. What can organizations do to ensure that estimates are good? What can they do to prevent cost overruns? 4. Provide examples of the cost of quality based on your own personal experiences. 5. Do you think that people accept poor quality in information technology projects and products in exchange for faster innovation? What other reasons might there be for such poor quality? 6. Do you think Six Sigma is another quality management fad? Please explain your position.Explanation / Answer
It takes a deeper insight to understand the costing terms. One cannot understand the basic costing terms because of the non-practical usage of the concepts. A person is more likely to understand the concepts in practical form. Practical training enhances the understanding as a person comes across doubts while doing practical. This clears the doubts and gives more insights to the learner. Moreover, the costing terms are highly interrelated with each other. This, creates a gap in the learning if a person does not get some concepts because due to one single doubt other things may not get clear.
Technical people have learnt mostly the scientific things across their learning phase. This inclines their mindset towards scientific things only. The costing subjects are totally different rather opposite to their existing knowledge base. This resists their mind from learning concepts that are out of their background.
The following things can be done to cater the interest of technical people towards cost-related subjects:
By making them learn the subject with examples in real life.
By developing more simplified techniques to make them learn.
By giving more exposure to basic terms.
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