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Extra Credit Econ140 Cost Management and Price Control
Essay Instructions:
Extra Credit Assignment, Econ 140 (5%)
Choose any two topics discussed in the managerial economics class and write a 5 – 7 page essay with the following specifications.
1. Typed – Double spaced
2. Font – Times New Roman, Size 12
3. Margins – 1 inch (top, bottom, right and left)
The paper should consist of the following:
(a) A discussion on your selected topics covering the main points.
(b) Atleast one news article related to each chosen topic, showing the application of the concept in the real world. You can easily find such news articles on google.
(c) Write in your own words what you’ve understood from the articles and how this relates to what you have learned in the Econ 140 class.
(d) Print the articles and staple along with your paper. The articles will not be included in the page count.
Other Requirements:
• Title of the paper and Your Name (Top corner of the first page)
• References (These should be on the last page of the assignment)
Submission Deadline: Last day of instruction - Friday, December 7th (in class).
You can earn a maximum of 5% on this assignment. The grading TA’s decision regarding your assignment grade will be final; the assignment is not subject to grade-disputes.
(Keep in mind that late submissions or submissions via email will not be graded.)
Essay Sample Content Preview:
Name
Tutor
Course
Date
Cost Management and Price Control
Introduction
In all enterprises, effective cost management is the primary measure of accountability, especially for business leadership. Cost management includes a highly effective strategy implementation and also the provision of resources and process discipline that will ensure the highest level of quality, reliability, and productivity at the lowest cost for an organization (Drury 3-10). Through cost management, an organization can effectively plan and control the costs involved in their operations.
The government plays an essential role in a market economy in numerous ways. One of these is by creating price controls on specific products and services. Price controls are a government-mandated maximum or minimum legal price set for particular products and services usually implemented as a means of direct economic intervention (Lauguerodie & Vergara 569-593).
The paper will focus on analyzing cost management and price control. It will also highlight the application of cost management and price control and how they are applied to the economy. It will also outline the manner that the articles presented relate to price control and cost management.
A brief overview of cost management
Cost management is considered one of the most complex tasks in business management as it generally focuses on all the various activities such as collection, analysis, assessment and reporting cost statistics involved in budgeting. Through the implementation of an effective cost management system, a company can control its overall budgeting effectively (Drury 3-10). Additionally, through cost management, an enterprise can optimize its strategic and operational performance.
A brief overview of price control
Price controls that set the maximum prices are price ceilings while those that set the required minimum prices in the specified services and products are price floors. Typical examples of price ceilings are rent controls while on the other end of the spectrum, price floors can mainly be imposed in the agricultural markets (Lauguerodie & Vergara 569-593). This enables effective management on the affordability of these specified commodities and services.
Analysis of the articles and how they relate to cost management and price control
Cost management
The article highlighted the importance of cost management. When budget cuts are necessary for any government institutions, they typically rely on traditional measures for reducing costs which include cutting back on discretionary activities, hiring freezes and reorganization of personnel resources to save on overhead (Chew 1). All these strategies are short-term solutions which could only lead to permanent budget constraints that such organizations may face in the future.
A great solution outlined in the article stated that the generation of cost management strategies that utilize digital tools would make significant changes that can assist government agencies to transform their entire operations (Chew 3). Using a digitally powered next generation cost management strategy would help these federal enterprises streamline their processes and function more efficiently with fewer resources.
Chew (4) stated that next-generation cost management mainly focuses on digital systems in the management of costs in a more strategic manner. This would not only reduce their budget costs, but also allow the organizations to analyze every department regarding budget reduction, modernization, and cost-saving processes. Such strategies are enhanced by Artificial Intelligence systems which can help increase the effectiveness of the institutions. Additionally, the use of Robotic process automation can be utilized in automating and augmenting labor and also redeploying robust talent for assignments that provide higher value (Chew 5).
Price control
The article on price control mainly focused on the manner that this measure affects healthcare and innovation. Price control imposed by the government has been a significant issue primarily regarding the delivery of patient care by medical professionals. This government intervention, especially on older generic drugs, has increased the drug expenses of patients and also has placed significant limits on pharmaceutical pricing (Chressanthis 1). The pharmaceutical industry has been cast in a highly negative light, especially during the 2016 US presidential elections. These negative views were focused on the manner that controlling drug prices by the government would be a significant hindrance on medical innovation. Due to price control, this restricts the access of patients to necessary medication and treatment.
Price control measures hinder the development of new drug technologies in healthcare. Drug technologies are highly essential as they contribute to the advancement of patient health delivery, which leads to lower healt...
Tutor
Course
Date
Cost Management and Price Control
Introduction
In all enterprises, effective cost management is the primary measure of accountability, especially for business leadership. Cost management includes a highly effective strategy implementation and also the provision of resources and process discipline that will ensure the highest level of quality, reliability, and productivity at the lowest cost for an organization (Drury 3-10). Through cost management, an organization can effectively plan and control the costs involved in their operations.
The government plays an essential role in a market economy in numerous ways. One of these is by creating price controls on specific products and services. Price controls are a government-mandated maximum or minimum legal price set for particular products and services usually implemented as a means of direct economic intervention (Lauguerodie & Vergara 569-593).
The paper will focus on analyzing cost management and price control. It will also highlight the application of cost management and price control and how they are applied to the economy. It will also outline the manner that the articles presented relate to price control and cost management.
A brief overview of cost management
Cost management is considered one of the most complex tasks in business management as it generally focuses on all the various activities such as collection, analysis, assessment and reporting cost statistics involved in budgeting. Through the implementation of an effective cost management system, a company can control its overall budgeting effectively (Drury 3-10). Additionally, through cost management, an enterprise can optimize its strategic and operational performance.
A brief overview of price control
Price controls that set the maximum prices are price ceilings while those that set the required minimum prices in the specified services and products are price floors. Typical examples of price ceilings are rent controls while on the other end of the spectrum, price floors can mainly be imposed in the agricultural markets (Lauguerodie & Vergara 569-593). This enables effective management on the affordability of these specified commodities and services.
Analysis of the articles and how they relate to cost management and price control
Cost management
The article highlighted the importance of cost management. When budget cuts are necessary for any government institutions, they typically rely on traditional measures for reducing costs which include cutting back on discretionary activities, hiring freezes and reorganization of personnel resources to save on overhead (Chew 1). All these strategies are short-term solutions which could only lead to permanent budget constraints that such organizations may face in the future.
A great solution outlined in the article stated that the generation of cost management strategies that utilize digital tools would make significant changes that can assist government agencies to transform their entire operations (Chew 3). Using a digitally powered next generation cost management strategy would help these federal enterprises streamline their processes and function more efficiently with fewer resources.
Chew (4) stated that next-generation cost management mainly focuses on digital systems in the management of costs in a more strategic manner. This would not only reduce their budget costs, but also allow the organizations to analyze every department regarding budget reduction, modernization, and cost-saving processes. Such strategies are enhanced by Artificial Intelligence systems which can help increase the effectiveness of the institutions. Additionally, the use of Robotic process automation can be utilized in automating and augmenting labor and also redeploying robust talent for assignments that provide higher value (Chew 5).
Price control
The article on price control mainly focused on the manner that this measure affects healthcare and innovation. Price control imposed by the government has been a significant issue primarily regarding the delivery of patient care by medical professionals. This government intervention, especially on older generic drugs, has increased the drug expenses of patients and also has placed significant limits on pharmaceutical pricing (Chressanthis 1). The pharmaceutical industry has been cast in a highly negative light, especially during the 2016 US presidential elections. These negative views were focused on the manner that controlling drug prices by the government would be a significant hindrance on medical innovation. Due to price control, this restricts the access of patients to necessary medication and treatment.
Price control measures hinder the development of new drug technologies in healthcare. Drug technologies are highly essential as they contribute to the advancement of patient health delivery, which leads to lower healt...
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