MEM 4

MEM606
COST AND MANAGEMENT
ACCOUNTING

Assignment one

“Why is managerial accounting relevant to engineers?”

BY
RAGI OSMAN IBRAHIM
In a world driven by competition as engineers in their
work are trying to provide the best solution for our life
problems and as consumers are concerned about the price
The engineers should take into consideration the cost and
how it effect their product
How to deliver the best solution with in an obtainable
price range for the targeted segment is a key concept to of
maintaining a competitive edge
By using managerial accounting which is not focused on
the past or historical aspects only like the financial
accounting
The managerial accounting looks into the past, present
and the future to help on the harmonizing of technical and
other processes with the economic requirements through
the use of instruments of managerial accounting and
financial management in the company
Finding the most efficient way to serve your customer or
producing your product is the goal of any firm whither it
was a charity or a profiting organization
This can be obtained by getting information that will
provide better planning better control and better decision
making