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The usefulness of standard costing has been challenged in recent years. Some claim that its use is an impediment to the objective of continuous improvement (an objective that many feel is vital in today’s competitive environment). Write a short paper (individually or in asmall group with two or three other students) that analyzes the role and value of standard costing in today’s manufacturing environment. Address the following questions:
What are the major criticisms of standard costing?
Will standard costing disappear, or is there still a role for it in the new manufacturing environment? If so, what is the role?
Given the criticisms, can you explain why its use continues to be so prevalent? Will this use eventually change?
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