Question

What do you mean by Cost Analysis

Answer 1

Answer:

cost analysis. 1 : the act of breaking down a cost summary into its constituents and studying and reporting on each factor. 2 : the comparison of costs (as of standard with actual or for a given period with another) for the purpose of disclosing and reporting on conditions subject to improvement.

Explanation:

hope it helps u

:)

Answer 2

In Economics or Business,cost analysis refers to the practice of analyzing or assessing the overall costs or expenses incurred by any company or business organisation in the course of business operation.

Explanation:

• Cost analysis basically implies a thorough assessment of the entire structure of the costs and expenses incurred by any business during its operational functioning.
• It basically involves breaking down,summarizing of all the individual cost components and sources in the business and organizing them in a presentable format so that it will be easy to assess or evaluate them individually.
• One of the major goals of cost analysis is to regularly keep track of all the individual sources and components of business costs or expenses and identify which of these sources or components contribute to high business costs or expenses.In this process,the business can find out reasonable ways of reducing or minimizing the overall business cost or expense thereby enhancing short term or long term business profitability.