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| Author: | McNair, Ñ. J. Polutnik, L. Silvi, R. |
| Title: | Cost management and value creation: the missing link |
| Journal: | European Accounting Review
2001 : VOL. 10:1, p. 33-50 |
| Index terms: | MANAGEMENT COSTS COST CONTROL VALUE THEORY |
| Language: | eng |
| Abstract: | This paper, while being a part of emerging literature on strategic cost management, extends the existing knowledge of the relationship between costs and value by introducing the value creation model (VCM). In particular, the VCM model defines the firms' cost structure in terms of value added, non-value added but required activities, as well as of waste. A firm's cost structure is aligned with value attributes embedded in products and services. The VCM model seeks to understand the trade-off between what the customer is willing to pay for a product/service bundle (value) and the cost the firm bears to provide what the customer desires. |
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