GFEBS L230E Cost Management Process Overview
1. Direct Cost: A cost such as labor, materials, or supplies that can
be traced directly to producing a specific output of an organization,
product, and service
2. Indirect Cost: A cost that cannot be traced directly to a specific
organization, product, and/or service output They often are allocated
on a predetermined basis and generally are synonymous with
overhead costs such as general and adminis- trative expenses.
3. Funded Cost: The value of goods or services received because of an
obligation of funds by the organization performing the work
4. Unfunded Cost: A cost that is financed by another organization's or
activity's appropriations.
5. Variable cost: A cost that changes with a change in output
6. fixed cost: A cost that remains the same regardless of a change in
output
7. sunk cost: A cost incurred in the past that will not be affected by
any present or future decision
8. incremental cost: The increase or decrease in cost that would result
from a decision to increase or decrease output levels
9. avoidable cost: A cost incurred on an object that will no longer be
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, incurred due to a decision to change the output.
10.unavoidable cost: A cost incurred on an object that will be incurred
regardless of the decision to change
11.Activity Type: An Activity Type is the cost master data that
represents a group of resources within a Cost Center. These resource
groups have capacity and a unit of measure such as: labor hours,
machine hours, square footage, etc. Activity Types are used to
produce the products and services of the organization.
12.Cost Center: A Cost Center is a responsibility center on which
costs are incurred. It has an operational manager who is
accountable for the resources consumed to produce the cost
center's output.
13.Project: A Project is an object used to plan, collect, monitor, and
control costs for large scale time-based events in Project Systems,
when extensive scheduling and resource management capabilities are
required. Projects have definite start and end dates
14.WBS: A WBS element is an activity within the Project used to plan
and update cost data. Some examples of WBS Elements are: tasks,
partial tasks, and work packages
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1. Direct Cost: A cost such as labor, materials, or supplies that can
be traced directly to producing a specific output of an organization,
product, and service
2. Indirect Cost: A cost that cannot be traced directly to a specific
organization, product, and/or service output They often are allocated
on a predetermined basis and generally are synonymous with
overhead costs such as general and adminis- trative expenses.
3. Funded Cost: The value of goods or services received because of an
obligation of funds by the organization performing the work
4. Unfunded Cost: A cost that is financed by another organization's or
activity's appropriations.
5. Variable cost: A cost that changes with a change in output
6. fixed cost: A cost that remains the same regardless of a change in
output
7. sunk cost: A cost incurred in the past that will not be affected by
any present or future decision
8. incremental cost: The increase or decrease in cost that would result
from a decision to increase or decrease output levels
9. avoidable cost: A cost incurred on an object that will no longer be
1/
, incurred due to a decision to change the output.
10.unavoidable cost: A cost incurred on an object that will be incurred
regardless of the decision to change
11.Activity Type: An Activity Type is the cost master data that
represents a group of resources within a Cost Center. These resource
groups have capacity and a unit of measure such as: labor hours,
machine hours, square footage, etc. Activity Types are used to
produce the products and services of the organization.
12.Cost Center: A Cost Center is a responsibility center on which
costs are incurred. It has an operational manager who is
accountable for the resources consumed to produce the cost
center's output.
13.Project: A Project is an object used to plan, collect, monitor, and
control costs for large scale time-based events in Project Systems,
when extensive scheduling and resource management capabilities are
required. Projects have definite start and end dates
14.WBS: A WBS element is an activity within the Project used to plan
and update cost data. Some examples of WBS Elements are: tasks,
partial tasks, and work packages
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