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An Overview of Strategic Cost and Managerial Accounting

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AN OVERVIEW OF STRATEGIC COST AND MANAGERIAL ACCOUNTING

Nasser El Chayeb

Indpendent Consultant

In the past few decades technology was developed in a rabid manner affecting sharply human beings lives at all levels and aspects touching on all areas of human activities and changing our views, ideas, believes and values from what existed before the Technological Revolution to what we are standing at now.

The advanced technology has connected different people with different backgrounds and from different parts of the world together and made it much easier to exchange information & experience leading to enormous changes in the globe which became as a small village. This advanced technology as we said has affected almost every aspect of our life from getting the people from different parts of the world closer, to the dramatic increase in production of material and services to overtake demand level leading to enormous reduction in prices and firing the spark of competition in the globe open market to the max.

In the other hand prices dramatically increased for raw material being with limited resources which started to be consumed by at a high rate by the incredible increase of production resulted from advanced machinery. A conflict started to shape between the benefits of the advanced technology, and the economical results of this technology revolution, putting business owners at huge challenge to face these changes where they had to start implementing new methods and ideas of running their businesses to avoid collapse.

Elements such as production cost, prices in the competition open market, marketing their products, keeping up to quality standards, satisfying the consumers needs, creating new needs for people towards more luxurious life, taking...

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