APSC 221 Question and answers correcty solved 2024/2025
6 views 0 purchase
Module
APSC 221
Institution
APSC 221
APSC 221 Question and answers correcty solved 2024/2025 APSC 221 - ENGINEERING ECONOMICS Queen's University
fixed costs - correct answer those unaffected by changes in activity level over a feasible range of operations for the capacity/capability available
variable costs - correct answer...
APSC 221 - ENGINEERING ECONOMICS
Queen's University
fixed costs - correct answer ✔those unaffected by changes in activity level
over a feasible range of operations for the capacity/capability available
variable costs - correct answer ✔those associated with an operation that
vary with the quantity of output or other measures of activity level
incremental costs - correct answer ✔the additional cost (or revenue) that
results from increasing the output of a system
direct costs - correct answer ✔costs that can be reasonably measured and
allocated to a specific output or work activity
indirect costs (aka overhead, burden) - correct answer ✔costs that are
difficult to attribute or allocate to a specific output or work activity
cash cost - correct answer ✔a cost that involves payment of cash, and an
associated cash flow
book cost (non-cash cost) - correct answer ✔a cost that does not involve a
cash transaction and is reflected in the accounting system
sunk cost - correct answer ✔one that has occured in the past and has no
relevance to estimates of future costs and revenues related to an alternative
course of action
,opportunity cost - correct answer ✔incurred because of the use of limited
resources, such that the opportunity to use those resources to monetary
advantage in an alternative use is foregone
life cycle cost - correct answer ✔a summation of all the costs related to a
product, structure, or service during its life span
present economy studies - correct answer ✔case 1: when revenues vary
across the alternatives (and are present), choose the alternative that
maximizes profitability
case 2: when revenues are constant across the alternatives (and are present),
choose the alternative that minimizes costs
cost and revenue structure - correct answer ✔structure used to identify and
categorize the costs and revenues that need to be included in an economic
analysis
cost estimating techniques - correct answer ✔along with cost and revenue
data, are used to develop individual cash flow estimates and the overall net
cash flow for each alternative
sources of estimating data - correct answer ✔accounting records, other
sources within the organization, sources outside the firm, research and
development
indexes - correct answer ✔dimensionless numbers that can be used to
estimate future or past costs and prices relative to an arbitrarily defined
reference year
unit technique - correct answer ✔involves using a per unit factor that can be
estimated effectively
, parametric cost estimating - correct answer ✔the use of historical cost data
and statistical techniques to develop cost estimating relationships (CER) to
predict future costs
cost estimating relationships (CER) - correct answer ✔ties the cost/price of
an item to one or more independent variables
power sizing technique - correct answer ✔model explaining how cost varies
as some power of the change in capacity/size
learning curve - correct answer ✔a mathematical model that explains the
phenomenon of increased worker efficiency and improved organizational
performance with repetitive production of a good/service
factor technique - correct answer ✔an extension of the unit method
interest - correct answer ✔the compensation for giving up the use of money
for the duration of a loan
compounding - correct answer ✔assumes that there are N sequential one-
period loans
simple interest - correct answer ✔method of computing interest where
interest earned during an interest period is not added to the principal amount
used to calculate interest in the next period
nominal interest rate - correct answer ✔the conventional method of stating
the annual interest rate
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Carzola98. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.95. You're not tied to anything after your purchase.
