APSC 221 Question and answers correcty solved 2024/2025
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Course
APSC 221
Institution
APSC 221
APSC 221 Question and answers correcty solved 2024/2025 APSC 221 - ENGINEERING ECONOMICS Queen's University
fixed costs - correct answer those unaffected by changes in activity level over a feasible range of operations for the capacity/capability available
variable costs - correct answer...
APSC 221 - ENGINEERING ECONOMICS
Queen's University
fixed costs - correct answer ✔those unaffected by changes in activity level
over a feasible range of operations for the capacity/capability available
variable costs - correct answer ✔those associated with an operation that
vary with the quantity of output or other measures of activity level
incremental costs - correct answer ✔the additional cost (or revenue) that
results from increasing the output of a system
direct costs - correct answer ✔costs that can be reasonably measured and
allocated to a specific output or work activity
indirect costs (aka overhead, burden) - correct answer ✔costs that are
difficult to attribute or allocate to a specific output or work activity
cash cost - correct answer ✔a cost that involves payment of cash, and an
associated cash flow
book cost (non-cash cost) - correct answer ✔a cost that does not involve a
cash transaction and is reflected in the accounting system
sunk cost - correct answer ✔one that has occured in the past and has no
relevance to estimates of future costs and revenues related to an alternative
course of action
,opportunity cost - correct answer ✔incurred because of the use of limited
resources, such that the opportunity to use those resources to monetary
advantage in an alternative use is foregone
life cycle cost - correct answer ✔a summation of all the costs related to a
product, structure, or service during its life span
present economy studies - correct answer ✔case 1: when revenues vary
across the alternatives (and are present), choose the alternative that
maximizes profitability
case 2: when revenues are constant across the alternatives (and are present),
choose the alternative that minimizes costs
cost and revenue structure - correct answer ✔structure used to identify and
categorize the costs and revenues that need to be included in an economic
analysis
cost estimating techniques - correct answer ✔along with cost and revenue
data, are used to develop individual cash flow estimates and the overall net
cash flow for each alternative
sources of estimating data - correct answer ✔accounting records, other
sources within the organization, sources outside the firm, research and
development
indexes - correct answer ✔dimensionless numbers that can be used to
estimate future or past costs and prices relative to an arbitrarily defined
reference year
unit technique - correct answer ✔involves using a per unit factor that can be
estimated effectively
, parametric cost estimating - correct answer ✔the use of historical cost data
and statistical techniques to develop cost estimating relationships (CER) to
predict future costs
cost estimating relationships (CER) - correct answer ✔ties the cost/price of
an item to one or more independent variables
power sizing technique - correct answer ✔model explaining how cost varies
as some power of the change in capacity/size
learning curve - correct answer ✔a mathematical model that explains the
phenomenon of increased worker efficiency and improved organizational
performance with repetitive production of a good/service
factor technique - correct answer ✔an extension of the unit method
interest - correct answer ✔the compensation for giving up the use of money
for the duration of a loan
compounding - correct answer ✔assumes that there are N sequential one-
period loans
simple interest - correct answer ✔method of computing interest where
interest earned during an interest period is not added to the principal amount
used to calculate interest in the next period
nominal interest rate - correct answer ✔the conventional method of stating
the annual interest rate
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