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This does not only depicts that product, facilities and processes will flop in satisfying their purpose but that their purpose was not what the client aspiration. Failure must be prohibited in excellence management and to grip this there should be preparation, establishing and monitoring. The 1990’s are the period of Globalization. In order for businesses to be economical in this setting they have seen the authoritative need for Excellence. Though through the eras foremost to the 90's there have been many "experts" who have obviously emphasized the necessity for Total Quality Management Systems in businesses, but due to many aspects these concepts have either gone unheard, or been tinkle word for a short while.
The costing system provides information that is useful to managers for minimizing wastage and allocating resources to different departments. The traditional costing system is a costing system which calculates a single overhead rate and applies it to each job or department. This system has several flaws which make it outdated and ineffective in today’s business environment. One of the most important drawbacks of the traditional costing system is that it tends to over-emphasize on meeting standards such as price and efficiency without considering other important factors like quality, on-time delivery, and customer satisfaction because of which the products of other companies form better alternatives and pose a tough competition to the organization. It also stunts any scope for improvement or innovation as it is too focused on sticking to the set benchmarks.
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