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FRM > Cost Structures in Education > Flashcards

Cost Structures in Education Flashcards

1
Q

What are capital costs?

A

Durable assets

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2
Q

What is the opposite to variable costs?

A

Fixed Costs

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3
Q

What are the 8 different types of cost?

A 
Recurrent
Capital
Direct
Indirect
Variable
Fixed
Average
Total
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4
Q

Who defines average and marginal costs?

A

Maureen Woodhall (1987)

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5
Q

Berne and Stiefel (1995) say cost information can be used in three ways…

A
  1. To look at the production function - relationship between inputs and attainment
  2. Resource effectiveness
  3. Cost effectiveness
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6
Q

Maureen Woodhall (1987) defines what types of costs?

A

Average and marginal

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7
Q

Who said cost information can be used in these three ways…

  1. To look at the production function - relationship between inputs and attainment
  2. Resource effectiveness
  3. Cost effectiveness
A

Berne and Stiefel (1995)

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8
Q

What are variable costs?

A

Costs that may have to be increased depending on number e.g. staff salaries

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9
Q

Why does Simkins (2000) say effective cost management is necessary?

A
  1. Public resources for education are scarce.
  2. The trend towards self-managing schools means schools must have full information about what they are using.
  3. Helps ensure value for money
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10
Q

What is the average cost?

A

Cost per student

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11
Q

Who said this is necessary for effective cost management:

  1. Public resources for education are scarce.
  2. The trend towards self-managing schools means schools must have full information about what they are using.
  3. Helps ensure value for money
A

Simkins (2000)

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12
Q

Maureen Woodhall (1987) mentions two ways of measuring opportunity cost

A
  1. Individual or private cost

2. Societal or social cost (incurred by the community)

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13
Q

What is Simkins context?

A

British

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14
Q

What are sunk costs?

A

Costs that are incurrent to take advantage of an opportunity.

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15
Q

Between what types of consciousness does Simkins (2000) differentiate?

A

Budget consciousness and cost consciousness

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16
Q

What are the four key principles of assessing value for money?

A
  1. Comparing to similar schools
  2. Challenge whether the performance is high enough
  3. Secure efficient and effective services
  4. Check the views of stakeholders are recognised
17
Q

What is the opposite to recurrent costs?

A

Capital costs

18
Q

How did the UK Audit Commission (1984) define value for money?

A

Both efficient and effective

19
Q

What are recurrent costs?

A

Costs that occur year on year

20
Q

What are fixed costs?

A

Costs which have to be met irrespective of the number of students e.g. admin staff

21
Q

Why might average and marginal costs vary?

A

Depending on whether the cost are fixed of variable

22
Q

What is cost consciousness?

A

Full awareness of the alternatives forgone

23
Q

Who differentiates between budget consciousness and cost consciousness?

A

Simkins (2000)

24
Q

What was Berne and Stiefel’s context?

A

Writing with regards to USA but universally applicable.

25
Q

Who measures opportunity cost in these two ways?

  1. Individual or private cost
  2. Societal or social cost (incurred by the community)
A

Maureen Woodhall (1987)

26
Q

What Is Woodhall’s context?

A

British but applicable universally

27
Q

How does Maureen Woodhall (1987) define marginal costs?

A

Additional costs which may be incurred when another student is enrolled

28
Q

What is budget consciousness?

A

Awareness of the financial implications of an activity of decision

29
Q

What are direct costs?

A

Costs applicable to a particular course, for example e.g. the cost of running Science

30
Q

What are indirect costs?

A

Costs that are needed whether there are students or not e.g. admin staff

31
Q

What are opportunity costs?

A

The alternative opportunities that are given up to spend funds in a particular way.

32
Q

What is the opposite to direct costs?

A

Indirect costs

FRM (8 decks)

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