# REFLECTION #

1.INTRODUCTION

It was an exciting experience to study the term costing with its different methods. Initially, I was confused as the concepts were new in terms of its practical implication but later on, with the help of research and literature academic books, my ambiguities got cleared.

2.REFLECTION OF ARTICLE

I undertook the research on the standard costing and target costing method. All the issues and learning were considered as an important part of my research and helped to understand how these costs are bifurcated.

2.1 WHAT WENT WELL FOR ME DURING RESEARCH

 

The costing examples made it easier for me to understand the topic effectively and efficientlyand gave me knowledge of bifurcating the cost in the different process. Through the help of case studies of costing, all my doubts regarding the concept such as the evaluation of cost and implication of the different costing methods got cleared. It alsohelped me gain an insight into industry’s financial analysis through the methods of costing. Thus, it was interesting to gain an insight into the new concepts (Bray, et al. 2019).

 

2.2 WHAT WENT WRONG DURING MY RESEARCH

As I undertook the research on costing, I understood the techniques of standard and target costing. Afterwards, while going through the research papersI found difficulty in practical implications of the theoretical understandings as the information in the papers was not symmetrical. It made the research time –consuming but throughout the time, I learned the benefits, merits and demerits of both costing methods. 

2.3 ADDRESSING THE OBSTACLES

As the information regarding the topic was not fully provided, so I thought of taking help from costing books and journal articlesto support my ideas and theories for the undertaken research costing work. It made my research easy and assisted me to align the costing theories and methods with the given research topic. I went through the case studies, websites for understanding the concepts better. To gain practical knowledge regarding the topics, I downloaded online books on costing and finance which supported my practical learning approach (Kambanou, & Lindahl, 2016).

2.4 KEY LEARNINGS

As the topic was interesting and new to me, it made me learn how to calculate the actual cost of a particular product. I was able to gain theoretical knowledge regarding the concept. Initially, I was unable to understand its implications but I was able to imply them later on. The symmetry in life is very vital which the biggest lesson I learned during my research. I even got to know about the various costs included in the costing methods (Sarvestani, Jafari, & Moattari, 2018). 

3.REFLECTION OF RESEARCH EXPERIENCE

The research was conducted on the standard costing and target costing. It helped me in gaining knowledge about the costing concept and the practical implication of the costing methods in the bifurcation of the cost in the different process department of the organization.

3.1 ENJOYABLE EXPERIENCE

 

The concept was interesting and new for me, yet I enjoyed it a lot while researching costing and its methods. It enhanced my understanding level for the concept. The calculation for both the methods was no doubt interesting and helped me to gain more insights about the costing methods and how big companies uses these methods to bifurcate costing in different process departments.

 

3.2 DIFFICULTIES FACED

Initially, it was very difficult for me to understand the practical implication of the both costing methods and its sustainability in the particular industry. Lack of systematic information also made me confused which resulted to the big complexities in my research.

3.3 INSIGHTS GAINED

I got to learn the fact that symmetry of the gathered data and its practical implication supported with the academic literature articles is very important in real life. The concept helped me in gaining theoretical knowledge about it (Platt, et al. 2017). I had the chance to apply the techniques of costing methods in real life. I needed to understand about the concept deeply so that I can also evaluate and analyze my investment.

3.4 ISSUES AND CHALLANGES FACED DURING THE RESEARCH

The methods of costing namely standard and target costing led me to ambiguity as the methods were a bit typical. Lack of information regarding the concept made me a bit difficult to gain practical knowledge. As the information was not properly aligned it was a challenging task for me. The examples that were provided were initially hard for me to understand better. The terms under costing, for instance, the overheads cost under the standard costing was a bit difficult for me to solve (Parker, & Boyns, 2019). Lack of relevant information was a troubling factor for me regarding every concept.

4. REFLECTION OF MY EXPERIENCE

This experience taught me a lot from being organized to analyzing the cost in real life. The overall experience was marvelous. It enhanced my knowledge as well. With the help of research, it becomes easier for me to analyze my investments.The techniques of costing helped me in ascertaining costs for the future. It helped me in controlling my investments as well. It also helped me in enhancing my knowledge regarding costing as it was new to me but it was an interesting topic.

4.1 INSIGHTS GAINED

The concept of undertaking the costing methods in the process costing allocation in organization is hard to understand for me yet it was exciting to know about the concepts and to understand them better. It was useful for me as investments can be calculated and analyzed wisely in real life. It also enhanced my understanding level regarding the concept (Dasgupta, & Goldar, 2018).

4.2 KEY LEARNINGS

It made me understand the fact that in real life symmetry plays a very important role. With the help of costing techniques, one can ascertain the cost in real life. I was able to understand how an organization estimated and handles its costing.

5.Conclusion

 

The theoretical knowledge helped me in introspecting the methods in real life and enhanced my knowledge regarding the concept. This has assisted me to strengthen my own learning and also assisted me to strengthen my own learning. 

 

 

 

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