Professional Documents
Culture Documents
33 Adm
33 Adm
Program
(School of Management Studies)
PROJECT REPORT
on
SUBJECT: ADM (Accounting for Decision Making) & DMM (Data Management for
Managers)
SUBMITTED TO:
SUBMITTED BY:
Sr. Page
Content
No No.
1 Acknowledgment 3
2 Industry Introduction 4
Introduction of the
3 5
company
Reason behind choosing
3 6
that company
4 Product Portfolio 7
6 Inferences/ Conclusion 11
ACKNOWLEDGEMENT
We would like to express our gratitude to Asst. Prof. Neha Kaku for giving us this
Opportunity to work on this project. Also, we would like to thank LJ University for providing
successful Project can never be completed by a single Effort. It requires the help of the entire
group. Thank you all for being an integral part of our journey towards knowledge and
growth.
Industry Introduction
The Clothing Accessories & Other Clothes market in India is projected to grow by 2.24%
(2024-2028) resulting in a market volume of US$1.77bn in 2028.
Introduction of the Company
Welcome to B&C Creations, where every bracelet tells a unique story. We craft exquisite
bracelets using high-quality beads, charming charms, and fine threads. Our passion for
creativity and attention to detail is reflected in each piece, making them perfect for adding a
touch of elegance and style to any outfit.
At B&C Creations, we believe in the beauty of handmade jewellery and strive to create
bracelets that not only look beautiful but also hold sentimental value. Whether you're looking
for a statement piece or a personalized gift, our collection offers various designs to suit every
taste and occasion.
Join us on a journey of artistry and expression as we weave together beads, charms, and
threads to create timeless treasures that inspire and delight. Experience the art of bracelet
making with B&C Creations, where craftsmanship meets creativity.
Materials Required:
Beads 24
Charms 1
Thread 5 cm
Pricing Strategy:
Dynamic Pricing: We are going to adjust prices based on demand, season, or other factors.
Reason Behind Choosing this Company
3. Quality Materials: B&C Creations uses only high-quality beads, charms, and threads,
guaranteeing durable and visually appealing bracelets that stand the test of time.
5. Community Support: B&C Creations actively supports local artisans and engages with the
community through charity initiatives, creating a positive impact beyond just crafting
beautiful bracelets.
6. Positive Reputation: With a track record of positive customer feedback and reviews, B&C
Creations has earned a reputation for excellence in product quality, customer service, and
overall satisfaction.
Product Portfolio:
1. Variety: Offering a wide variety of bracelet styles, from simple and elegant designs to
intricate and statement pieces.
3. Quality Materials: Using high-quality beads, charms, and threads to ensure durability and
aesthetic appeal.
4. Trend Awareness: Staying updated with current trends to offer modern and fashionable
bracelet designs.
5. Seasonal Collections: Introducing seasonal collections to keep the product portfolio fresh
and relevant.
1. Quality Control: Implementing strict quality control measures to maintain the highest
standards in craftsmanship.
1. Local Artisans: Collaborating with local artisans and craftsmen to support traditional skills
and craftsmanship.
5. Customer Feedback: Actively engaging with customers to gather feedback and suggestions
for improvement, fostering a sense of community involvement.
B&C CREATION MATERIAL VARIANCE
Price
Sr. No. Particular Units
(₹)
1 Beads 24 20
2 Charms 1 5
3 Thread 5 cm 1
Interpretation:
MPV= Material Price Variance= 5100 (Favourable)
MUV= Material Usage Variance= -260 (Unfavourable)
MCV= Material Cost Variance= 4840 (Favourable)
Interpretation:
LRV: Labour Rate Variance= -165 (Unfavourable)
LEV: Labour Efficiency Rate= 750 (Favourable)
LCV: Labour Cost Variance= 585 (Favourable)
AQ= Actual Quantity
AP= Actual price
SQ= Standard Quality
SP= Standard Price
CONCLUSION
Based on the analysis of material and labor variances for B&C Creations, it is evident that the
company has performed well in managing its costs effectively.
In terms of material variance, B&C Creations has achieved a favorable material cost variance
of ₹4840. This indicates that the actual cost of materials used in production is lower than the
standard cost, resulting in cost savings for the company. The favorable material price variance
of ₹5100 suggests that the company has procured materials at a lower price than anticipated,
contributing to overall cost efficiency. However, there is an unfavorable material usage
variance of (₹260), indicating that more materials were used than expected. This could be due
to factors such as inefficiencies in production processes or material wastage, which need to be
addressed to optimize material usage and reduce costs further.
Regarding labor variance, B&C Creations has achieved a favorable labor cost variance of
(₹165). This suggests that the actual labor costs incurred are lower than the standard labor costs,
contributing positively to the company's overall cost management. The favorable labor
efficiency variance of ₹750 indicates that the company has utilized labor more efficiently than
expected, leading to increased productivity and cost savings. However, there is an unfavorable
labour rate variance of ₹585, suggesting that the actual labor rates paid are higher than the
standard rates. This could be due to factors such as wage increases or overtime payments, which
need to be monitored and controlled to minimize costs.
In conclusion, B&C Creations has demonstrated effective cost management practices, resulting
in favorable material and labor cost variances. However, there are areas such as material usage
and labor rates that require further attention to optimize costs and improve overall profitability.
By addressing these areas and continuing to focus on efficiency and cost-effectiveness, B&C
Creations can sustain its competitive advantage and achieve long-term success in the market.