Select any Business- Small to medium size or any small to mid-size
company/firm (of your own, someone in family, acquaintances, or in the neighborhood).
Collect the following information and data in respect of the same
Ø Nature of Business- Product/Services being provided, no of years in existence, geographical presence
Ø SWOT/TOWS Analysis
Ø Cost Objects, Cost unit and major cost drivers for the business
Ø How are the costs collected and recorded?
Ø Is a formal cost control system in place for the business?
Ø What are the steps taken for managing costs?
Ø Any suggestions that you might want to make to the business for better cost control and management
Ø prepare a unit cost statement - (data used could be dummy data) based on the inputs received from the business- the classification could be functional (Prime cost, factory cost, administrative overheads, etc) or based on cost behavior (fixed, variable, semi-variable etc)
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