In every business, the owners and managers need to know what their product or service costs to deliver and what they can sell it for. They want to make strategic decisions that maximize their profits, and they require information to do this. Even not-for-profit businesses have a service or product that they wish to offer but are constrained by the funding they receive from grants, donations, and bequests.
The simple truth is that you cannot decide what to do unless you know the cost. This link between cost information and strategy has always been present, possibly in an unsophisticated and informal manner. Increasing competiveness and the contributions made by academics, consultants, and practicing business people have made that link ...
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