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standard cost systems blank . multiple select question. are based on what managers think costs should be are rarely used in practice in well-established businesses help maintain consistency and quality help managers budget and control costs


Ladies and gentlemen, as we discuss the topic of standard cost systems, it is important to note that such systems use pricing that is based on what should be, rather than what managers believe the expenses should be. The managers must undertake detailed projections on the costs that the company will incur during the production process, and based on these projections, generate the costs that should be incurred. Effectively managing costs within an organization demands a deliberate approach focused on reducing rework, rejecting what does not meet the required standard, implementing reverse logistics, minimizing labor and material costs - all of which mitigate against wastage. Moving on to the key to efficient cost management, it cannot be overemphasized that keeping track of costs, risks, and other factors that affect the budget is critical. And this means utilizing technological tools to manage data, track expenditure and resources, generate reports, and make real-time budgetary adjustments. For more information on this topic, I recommend visiting brainly.com/question/15135554 #SPJ4.