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Explain the meaning of the term 'critical success factors' in a business giving examples of such factors.

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Chapter21Performancemeasurement

Critical success factors are those areas of a business and its environment which are critical to the achievement of its goals and objectives. A company may, for example, express its main goal as being a world-class business in its chosen areas of operation. Management should identify critical success factors since failure in any one such factor may prevent or inhibit the advancement of the company and the achievement of its goals.

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Explain what is meant by standard costing

Explain what is meant by a standard cost

Describe four types of standard.

Explain what is meant by a standard hour.

Give five possible sources of information from which a standard materials price may be estimated.

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