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Process Reengineering Definition: An approach to improvement that involves completely redesigning business processes in order to eliminate unnecessary steps, reduce errors, and reduce costs. Click here to read full article…
Process Costing System Definition: Process costing system is a costing system used in those manufacturing situations where a single, homogeneous product (such as cement or flour) is produced for long…
Product Level Activities Definition: Activities that relate to specific products that must be carried out regardless of how many units are produced and sold or batches run.
Profitability Index Definition: Profitability index is the ratio of the present value of a project's cash inflows to the investment required.
Principles of Management Definition: Principles of management are fundamental rules of management that could be taught in schools and applied in all organizational situations. Fayol's 14 Principles of Management: Division…
Cash Discount Definition: It is an allowance or deduction allowance by a creditors to a debtor. In other words, cash discount is an allowance made by the supplier or creditor…
Prevention Cost Definition: Prevention costs are those costs that are incurred to keep defects from occurring.
Strong Culture Definition: Organizations in which the key values are intensely held and widely shared.
Prevention Cost Definition: Prevention costs are those costs that are incurred to keep defects from occurring.
Sub-optimization Definition: An overall level of profitability that is less than a segment or a company is capable of earning.
Preference Decision Definition: Preference decision is a decision as to which of several competing acceptable investment proposals is best.
Sunk Cost Definition: Sunk cost is any cost that has already been incurred and that cannot be changed by any decision made now or in the future.
Symbolic View of Management Definition: The view that managers have only a limited effect on substantive organizational outcomes because of the large number of factors outside their control.
System Definition: System is a set of interrelated and interdependent parts arranged in a manner that produces a unified whole. System may be a closed system or an open system.
Predetermined Overhead Rate Definition: Predetermined overhead rate is a rate used to charge overhead cost to jobs in production; the rate is established in advance for each period by use…
Practical Standards Definition: Standards that allow for normal machine downtime and other work interruptions and that can be attained through reasonable, though highly efficient, efforts by the average worker.
Postaudit Definition: The follow-up after a project has been approved and implemented to determine whether expected results are actually realized.
Sana Ahmed 
Rubab Ali 
Abida Rehman