Question: Explain the term 'cost hierarchy' (include an appropriate illustration / example). Explain why a new product costing system may be needed when line managers suggest

Explain the term 'cost hierarchy' (include an appropriate illustration / example). Explain why a new product costing system may be needed when line managers suggest that an apparently profitable product be dropped. When implementing ABC / ABM, managers may encounter various challenges, including behavioural factors. How should managers overcome these challenges? (Word limit : 500).

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