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Grab Knowledge of Estimating a Cost Function Using Quantitative Analysis from Our Mentors
Estimating a cost is an important part of accounting. However, it needs proper knowledge to have a good grip over the topic. Quantitative analysis is very important through which you can estimate cost function and to understand that you must have proper knowledge of some steps.
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Before you go through the proper description of this topic, you must know that each term should is understandable for you and if you have any confusion, then we are here to assist you always. Now, let us know the topic well from our experts.
What is quantitative analysis?
Quantitative analysis is the way of analysis of an event with the help of statistical or mathematics models. It means to find out data points it is perfect in case of complex cases the models help a lot.
What is estimating a cost function?
According to our estimating a cost function using quantitative analysis homework help experts, the functions are none other than models or mathematical expressions that are used to give perfect way to estimate cost related to accounting analyses for variable and fixed costs.
So, the exact aim of cost variable is to know about the variable or fixed costs amount. The formula is very important for that, and each factor is related to give the suitable outcome.
Steps in Estimating a cost function using quantitative analysis?
Let us go with the proper steps for your need of Estimating a Cost Function Using Quantitative Analysis –
- Selection of a dependent variable
- Identification of a cost driver or independent variable
- Collection of data of cost driver and independent variable
- Plotting of data
- Estimation of cost function
- Evaluation of the cost driver for cost data estimation
Our team of estimating a cost function using quantitative analysis homework help also say to understand this equation –
Y = mx + b
Here, Y = total cost
m = unit variable cost means slope of the line
X = number of activity units
b = total fixed costs or y – intercept
We know that how to explain these in front of you.
In addition, our experts of estimating a cost function using quantitative analysis assignment help also explain that high-low method is the simplest method to estimate analysis.
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