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== Managerial Accounting - Lesson 5 - Activity based costing == '''[[w:Activity based costing|Activity based costing]]''' ('''ABC''') is a costing methodology that identifies activities in an organization and assigns the cost of each activity with resources to all products and services according to the actual consumption by each. This model assigns more [[w:indirect costs|indirect costs]] ([[w:overhead (business)|overhead]]) into [[w:direct costs|direct costs]] compared to conventional costing. ( Wikipedia ) :::CIMA (Chartered Institute of Management Accountants) defines ABC as :::: ''an approach to the costing and monitoring of activities which involves tracing resource consumption and costing final outputs.'' ::::Resources are assigned to activities, and activities to cost objects based on consumption estimates. The latter utilize cost drivers to attach activity costs to outputs. ( Wikipedia ) * '''[[w:Sensitivity analysis|Sensitivity analysis]]''' is the study of how the [[w:uncertainty|uncertainty]] in the output of a [[w:mathematical model|mathematical model]] or system (numerical or otherwise) can be apportioned to different sources of [[w:uncertainty|uncertainty]] in its inputs. ( Wikipedia )
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