PANEL DATA MODEL – MATHEMATICS ACHIEVEMENT OF COST RE-EDUCATION BASED ON THE IMPACT OF TOTAL COST VARIATION

• Published in: Journal of the sciences and arts Vol. 24; no. 3; pp. 631 - 644
• Main Authors: IONESCU, CONSTANTIN AURELIAN, FÜLÖP, MELINDA TIMEA, TOPOR, DAN IOAN, BUGNARIU, ALEXANDRA DELIA, MĂGDAȘ, NICOLAE
• Format: Journal Article
• Language: English
• Published: 30.09.2024
• ISSN: 1844-9581; 2068-3049
• DOI: 10.46939/J.Sci.Arts-24.3-a16

By taking into account temporal and individual effects, panel data models enable a precise analysis of the effects of total cost variations on cost redistribution, which is crucial for cost structure optimization. With overall price increases, businesses are also seeing higher costs. However, one piece of data is a specific concern: a business’s total cost. This research examined the total cost components to determine the factors affecting the total cost variation. We examined a listed business that has its activity structured in cost centers, presenting descriptive statistics of the independent and dependent variables of the study. A panel analysis was applied for the business to determine the factors that influence manufacturing costs and how these costs can be improved. The results show that personnel costs, costs allocated to the application of new software and hardware technologies, and quality management costs have significant statistical and economic effects. The outcomes indicate that the cost centers are crucial in organizing a business that aims to decrease expenses. Thus, reducing or eliminating costs linked to some factors with a noticeable arithmetical influence on the total expenses is possible. This examination is the initial effort to establish the impact of determining factors on total cost variation and associate this with businesses’ opinions of the cost. The results provide an amplified appreciation of the bases and levels of the costs of sourcing.