| Category | Assignment | Subject | Finance |
|---|---|---|---|
| University | University of Hertfordshire | Module Title | 7ENT1065 Financial Control Assignment |
1. Demonstrate the need for financial planning and measurement to justify survival, growth, profitability, and social objectives.
2. Understand the role played by the costs incurred in a business organisation, driven by financial controls.
3. Articulate the different types of costing systems available and the suitability of each in differing situations.
4. Apply relevant measures for financial controls and planning.
This assignment is to prepare a report discussing the target costing in the context of new product development considering a specific product assigned to the candidate (the assignment is individual regardless the same product has been assigned to different people). With this, you are requested to prepare an outlook and develop a discussion on the effects of cost-driven product development.
You are required to write a brief report discussing the following sections:
(1) Section 1 – Present the role played by the cost variable in the context and, then, discuss the relevance of a cost-driven product development process from a managerial point of view. A minimum number of 8 references is required in section 1 to support your discussion.
(2) Section 2 – Define target costing (TC) in the context of New Product Development (NPD). The definition should contain the major stages involved. Then, identify and critically explain the main objectives of TC in the given context.
(3) Section 3 – Critically discuss the major disadvantages/limitations in the adoption of TC implementation considering competition. Support your answer with an example from the real world.
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