What Are the Five Steps Involved in Implementing a Cost

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The Answer is The five steps are as follows:
1.Understand the type of costs incurred by an organization.
2.Communicate the need for cost consciousness to all employees.
3.Educate employees in cost control techniques,encourage them to suggest ways to control costs,and motivate them to embrace the concepts.
4.Generate reports that indicate actual results,compare budget to actual and calculate variances.
5.Develop a view that the cost control system is a long-run process,not a short run solution.

What Are the Five Steps Involved in Implementing a Cost

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