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Due to a more competitive environment and increasing expenses, companies look to analyze their costs in order to improve their operations and efficiency. Cost analysts may determine certain information useful for such purposes, including:
- Cost-benefit analysis
- Cost for each production unit
- Methods for allocating complex processes to units to create exact unit costs
- Matching costs to customers to evaluate customer profitability
- Process improvement methods
- Performance evaluation
- Strategic and Tactical planning for new products or services
Additionally, cost analysts may determine the opportunity costs of a specific decision by management.
The cost analysts require a strong background in cost accounting methods, may gain certification as a Certified Management Accountant (CMA) by taking and passing a series of exams from the Institute of Management Accountants (IMA).
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