When is it appropriate to include sunk costs in the evaluation of a project? *a. Include sunk...

Learn what explicit cost is. Explore explicit cost examples, how explicit cost affects businesses, and what the differences are between explicit and implicit cost.

Conversion cost is included in the balance sheets of companies and is an important factor in calculating the total cost of a project. Learn about the conversion costs in accounting, direct labor and manufacturing costs, and how to determine the conversion costs.

Competitor analysis is the process of comparing a company to its competitors to evaluate relative strengths, weaknesses, and guiding strategies. Identify the necessity, goals, and strategies related to conducting competitor analysis.

According to Frederick Herzberg's two-factor theory, employee performance is affected by two factors: motivators, or things that bring satisfaction, and hygiene factors, which cause dissatisfaction. Learn about Herzberg's theory of motivation and its strengths and limitations.

Capital budgeting is used to manage money that is used by businesses to make large purchases that are used to create their products. Study the definition and process of capital budgeting, how it is used, and how the cash flows.

A business or commercial entity will have to update or make changes to their equipment in the way of retaining, maintaining, or replacing it. Learn more about making changes to equipment for a business, the relevant costs, fixed and variable costs, and the effects of sunk costs.

Sensitivity analysis is how changes in an independent variable affect a dependent variable and is used to understand the effect of changes in a business. Explore sensitivity analysis in action and learn about the demand equation and how to change values in it.

Explore mixed costs. Learn the definition of a mixed cost and understand the mixed cost formula. Discover various mixed costs examples and find what they include.

Contract costing is a tracking method used commonly by construction companies, architects, and the government. Learn the definition of contract costing and how it works through an example.

Elasticity in economics is the change in price for some item depending on the performance of some other relevant thing. Take a look at three different elasticity examples in economics using price, income, and cross-price models.

Understand what elasticity of supply is. Learn more about price elasticity of supply. Know about elastic and inelastic supply with some elastic supply examples.

Explore relevant and irrelevant costs. Study the definitions and types of relevant and irrelevant costs, and discover examples of relevant costs in decision-making.

Uniform costing is used in finance to compare costs in business and industry through standardization. Explore the definition and example of uniform costing and learn about the benefits and drawbacks.

To be successful, businesses must prepare for the future, using a strategic plan that considers their long-run goals. Learn how to understand long-run production decisions in economics. Gain understanding by reviewing the definition of long-run production, importance of innovation, and examples of long-run production.

In business, there are two types of costs: avoidable and unavoidable. Learn the difference between avoidable and unavoidable costs through their definitions and examples found in everyday production.

Bottom-up budgeting entails determining costs beginning at the individual actions in each project, and finding totals per department to calculate a budget. Identify the categories and process of this strategy, and its pros and cons as well.