Based on the costing method you selected, determine the type of data needed to track and evaluate performance to control costs.

Ques: as a production manager, one of your key tasks is to improve

The type of data needed to track and evaluate performance to control costs will depend on the chosen costing method. For example, Activity-Based Costing (ABC) requires data such as production volumes, resource consumption rates, and activity costs while the traditional cost accounting system may require data such as materials used, labor hours spent, overhead expenses incurred, etc. Additionally, cost analysis tools like variance analysis can also be used to understand how actual costs compare with expected costs and identify areas needing improvement.