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The process of setting standards and comparing actual performance with standards with a view to control the cost is ________.

The process of setting standards and comparing actual performance with standards with a view to control the cost is ________. Correct Answer cost control

The process of setting standards and comparing actual performance with standards with a view to control the cost is cost control. Cost control is the practice of identifying and reducing business expenses to increase profits, and it starts with the budgeting process. A business owner compares actual results with the budgeted expectations and if actual costs are higher than planned, management takes action.

Related Questions

Measuring actual performance and comparing actual performance with standards is one of the techniques of performance appraisal in an organization.
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3. includes daily or weekly interactions to ensure continuous improvement in employee's performance.
4. ensures that employee has requisite training to perform the job.
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What describes a process of continuously measuring results and comparing those results to optimal performance so that actual performance may be improved?
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