Resources are an Asset
Resources of the community ... No ... not so quick
One would think that natural resources would be an asset of the community, but sadly, the rule of law may have preempted what seems like common sense so that the legal reality is something very different.
TVM-171019a-True-Value-Impact-Accounting-Summary.odt Page 16
Copyright (c) 2014 Peter Burgess All Rights Reserved … Last saved Dec 6, 2017 08:38 AM
True Value Impact Accounting (TVIA) … Overview
III – METRICS
You Manage what you Measure
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EXCHANGE / TRADE
CONVENTIONAL MONEY / CRYPTOCURRENCIES
Conventional modern money
Though money has been a key part of economic life for thousands of years, in recent times
conventional modern money has taken on roles for which it was never suited.
Money facilitates trade and exchange, and that is a very important and useful role. It is well
suited for this.
In recent times, however, money is being used as a measure of wealth and economic activity, as
well as being considered a store of value (something at which it fails miserably) and a means of
controlling economic performance. Money is not well suited for any of these functions.
Conventional modern money is not value based and is not 'backed' by real value, but the 'trust' of
the issuing entity. In the case of the United States, it is essentially 'trust' in the Federal Reserve
Bank … and perhaps also a belief that the economy of the United States will not and cannot
crash and descend into an uncontrollable economic collapse.
In the past money was 'backed' by something of tangible value … gold or silver, for example.
This limitation was phased out and conventional modern money no longer has this backing but is
only as valuable as the trust there is in it and the willingness of others to respect it.
Complementary currencies
Most conventional modern money is controlled by national governments or the national banking
system and central banks. Complementary currencies are something like money that aim to help
stabilize or stimulate economic activity where conventional money and monetary policy is
failing. Most of these initiatives have been very modest in scale, but a few have become
significant.
The Wir in Switzerland has been a complementary or alternative currency since the 1930s and
has functioned very effectively to moderate economic swings. There have been times when more
than 20% of Swiss economic activity was carried out using this alternative currency.
Cryptocurrencies / Transmittal of Value
Modern technology is now enabling a new form of money, and new ways to make transactions
and transfer 'money'. Cryptocurrencies are being developed using blockchain technology that
makes it possible to make contracts and exchanges without the need for an intermediary like a
bank. This has the potential to be very disruptive, but it is not yet clear whether this will enable a
better world or one that merely changes the way transactions are done and enables even more
concentration of economic wealth.
Value based cryptocurrency
A value based cryptocurrency has the potential to have the advantages of trusted money and
transactional efficiency. As an integral part of a multi-dimensional socio-enviro-economic system
value based In cryptocurrencies can be used not only to provide credit liquidity for potentially
profitable initiatives but also for everything that has potential to deliver social value and the
potential to deliver environmental improvement.
Conventional lending practices by banks and other funders has limited funding to initiative that
generate profit and cash flow, making investment for good at scale impossible. Conventional
thinking about public finance and associated debt limits has had the same effect.
Financing should be constrained by potential not by the availability of money and the demand
for profitability. This can be possible with value based cryptocurrencies that are issued based on
the potential to progress society or the environment just as conventional financing became
available when there was profit potential.
Financing using True Value CryptoCoins
Banks are able to 'create' financing when there is the potential for profit and they loan funds to
finance a project. There are limits to how much of this created financing that can be done, but
with central bank cooperation, the amounts are essentially limitless.
In conventional financing, projects that only do 'good', whether it is social or environmental but
do not create profit can only be financed through grants from government or from philanthropy.
The amounts are very limited and quite inadequate for the scale of the issues in society and
related to the environment that need to be funded.
A TrueValue Cryptocoin for Social Impact could be made available for projects that need
financing to do Social Good
A TrueValue Cryptocoin for Environmental Impact could be made available for projects that
need financing to do Environmental Good,
In each case the TrueValue CryptoCoin would be limited by the potential of the project and the
intrinsic value of the coin would be a function of the Good that is realized as a result of the
Cryptocoin funding.
This is almost exactly what banks do when they loan funds to finance a for project profit … but
with the TrueValue CryptoCoin this is applied more broadly to Social Capital and Natural Capital
rather than being used simply to augment Financial Capital.
Transactions / Point of Sale
Transactions are perhaps the most important part of the socio-enviro-economic system. This is
when the critical 'To Buy or Not to Buy' decision gets made, which in turn determines everything
else that actually happens.
POS is when this critical 'to buy' or 'not to buy' decision gets made and where POS technology
makes it possible for the customer to pay for the goods and services in a very easy manner, and
for the selling organization to manage its inventory. The selling organizations and the financial
intermediaries are fully informed about the transactions, the customer hardly at all.
In a better arrangement the customer would be in possession of much more information about the
goods and services being acquired and the impact these have had up to the POS and the impact
expected during use and in the post use waste chain.
In conventional settings the customer has little information about the product beyond the price,
what advertising has promulgated and the presentation packaging. A better arrangement would
give the potential customer access to an independent standard value profile for every product.
PERSPECTIVES
What things look like depends a lot on where one is standing.
PLACE
ORGANIZATION
EMPLOYER / EMPLOYEE
PARENT / CHILD / GRANDPARENT
PRODUCT
PLACE
Where everything happens
WHAT IS A PLACE
PLACE is where everything happens. PEOPLE live in a PLACE, and work in a PLACE and
spend their time in a PLACE. All the SECTORS are needed in a PLACE so that the PRODUCTS
(goods and services) that PEOPLE need are available. ORGANIZATIONS need to be in a
PLACE both to deliver PRODUCTS but also to provide jobs for PEOPLE.
METRICS for STATE of the PLACE
The STATE of the PLACE is the totality of all the CAPITALS of the PLACE. That is the natural
capital, the human and social capital and all of the created capital, that is created physical capital.
created intangible capital and created financial capital.
The impact of these CAPITALS on a PLACE depends to a great extent on the ownership of the
CAPITAL and where the owner is domiciled and how the owner deploys the capital.
METRICS for PROGRESS of the PLACE
The PROGRESS of PLACE is determined by considering what the STATE of the PLACE was
at the Beginning of a Period (BoP) and what it is at the End of a Period (EoP). The STATE if the
PLACE is the totality of ALL the CAPITAL of the PLACE.
Measuring PROGRESS is very much easier and less costly than measuring performance.
Progress only requires looking at two STATES separated in time, without any need to look at the
multitude of activities and transactions that have caused the changes.
In order to PLAN and IMPLEMENT improvement in STATE, then there is a need to measure
and understand the activities and transactions and to improve those that can be improved at least
cost.
ALL THE CAPITALS OF THE PLACE
NATURAL CAPITAL
Location / Physical geography
- Land / land use
- Water
- Air
- Ecosystems / Biodiversity
- Climate Systems
HUMAN CAPITAL
- Population
- People problems
- People Potential
SOCIAL / RELATIONSHIP CAPITAL
- Community
- Support systems
- Civic organizations
CREATED PHYSICAL CAPITAL
- Roads and bridges
- Residential buildings
- Commercial buildings
- Industrial buildings
- Water and sewer
- Electrical grid
- Communications infrastructure
- Schools / universities
- Hospitals and clinics
CREATED INTANGIBLE CAPITAL
- Governance of the place
- Knowledge
- Education
- Schools / universities
- Hospitals and clinics
- Skilled workforce
- Management knowledge for the place
- Organizations that provide services (for profit)
- Organizations that provide services (not for profit)
- Organizations that provide employment
- Banking and financial services
CREATED FINANCIAL CAPITAL
- Debt of the place
- Financial assets of the place
- How much financial wealth
- Who owns the financial wealth
- Who controls the financial wealth
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Advertising
Advertising is all about selling stuff. Advertising is bought by companies that use advertising as
a way to get customers to buy more goods and services. Advertising is all about what is good for
the selling company, and little or nothing about what is good for the customer.
- Big Companies (Public/Quoted)
- Big Companies (Private)
- Big Companies (State Owned Enterprises)
- Public Private Partnerships
- Small Companies (SMEs)
- Not for Profits / NGOs
- Governments
- Individuals
- Families
- CO
- Products
- Processes
- Investment Portfolios
About PROCESS / FLOWS
The Efficiency of Processes
The efficiency of the socio-enviro-economic system is determined more than anything else by
the efficiency of the processes.
Engineers and scientists understand the concept of efficiency as the achievement of the most
result for the least consumption of resources.
Corporate investors have tended to use the growth of profit as being an indicator of efficiency,
and while it may be a good proxy for the efficient use of corporate resources, it is completely
inadequate as a proxy for the efficiency of the socio-enviro-economic system as a whole.
In the modern socio-enviro-economic system there are thousands and thousands of processes, all
of which use resources and have impacts that change capital.
In order to have a better world where people have a better quality of life AND the impact on the
environment is sustainable AND created capital is not destroyed, then processes have to be much
more efficient with respect to all of this than the processes are at the present time.
For most of the industrial era there was a focus on technology (by sector) and organizations as
the drivers of the economy, yet for much of history it was the PLACE that seems to have been
the driver and where everything came together.
And in the field of international development assistance it has been projects designed with a
focus on sector that have been the main modality, yet it has been places where people lived and
needed assistance, but not in respect of one sector, but for every sector of the economy … for
every sector of their life.
Accordingly, PLACE should be the subject of analysis to understand PROGRESS and
PERFORMANCE and to be able to understand what are some of the steps that would improve
the PLACE so that PEOPLE are able to sustain a better quality of life.
- Cities (Residential)
- Cities (Commercial)
- Cities (Industrial)
- Cities (Tech/Innovation)
- Cities (Slums)
- Suburban Sprawl
- Rural areas
- Small rural communities
Conventional double entry money profit accounting is very powerful and is at the center of the
management information systems used by every well run company. The profit performance of
the corporate organizations has been enhanced by this management regime, while the impact on
society and the environment has been a very much lower priority, if a priority at all.
Financial Capital -v- ALL the Capitals
In conventional financial accounting the focus is on the financial transactions and the impact on
financial capital.
In TVIA there is a focus on ALL the Capitals.
The 'capitalism' practiced for the past more than 200 years has been a capitalism that has had a
singular focus on financial transactions and the associated financial capital or financial wealth. In
TVIA the impact, or changes, in all of the capitals are taken into account.
The critical issue is that ALL the capitals are taken into consideration. Exactly how the capitals
are segmented and described matters less than the idea that it is ALL of the capitals that are taken
into account.
What Priority for Impact?
Since the advent of the capitalist era the priority has been to maximize profit and financial wealth … that is financial capital. The impact on other capitals has been ignored.
TVIA is based on the fundamental idea that people are the most important part of the socioenviro-economic system and it is the betterment of people that should be the top priority.
Secondly, that the nature and the environment are absolutely essential to human life as we know
it and the remediation and sustainability of the environment should have a high priority.
Thirdly, that there is all sorts of created capital that has resulted from human ingenuity and is the
foundation for much of people's modern quality of life, and at the same time also responsible for
much of the environmental problems that have emerged. While there is rather little that can be
done about human nature and the systems of the natural world, every effort should be made to
improve everything that has been created by humankind.
For most of history … millions of years … activities were limited by human strength and
stamina, and life was short. The population was small and the impact on the environment
inconsequential.
But people had brains and over time created better ways of doing things, and invented tools and
better materials. Quality of life improved, but the environment in the local place became stressed
and more space was needed to sustain the improvements. People migrated to access more land.
Eventually some places had more people than nature and the state of invention would support …
as in Europe for several hundred years starting around the 15th century. The New World
provided new land, and once again people were able to thrive rather than starve.
And with the industrial revolution it became possible to have production of goods and services
like never before and eventually enough of these things for everyone … though not enough
money for people to buy the things!
For all the period since the beginning of the industrial revolution and the parallel development of
financial capitalism, the socio-enviro-economic system was optimized for maximum profit
growth … and for around 200 years there was a strong correlation between more profit and GDP
growth and a better quality of life for the population at large.
And then there was the start of a significant disruption with many causes. By the 1970s
productivity had improved so that there was much more production capacity than there was
buying power to acquire and consume the products, and the OPEC oil cartel succeeded in raising
the price of crude oil from around $3.50 a barrel to $13.50 a barrel.
US industry which up to then had been internationally competitive paying high hourly wages and
ultra low energy prices now became uncompetitive and unprofitable. In order to solve the
profitability crisis there was downward pressure on wages and upward pressure on prices. This
translated into recession and inflation … sometimes referred to as stagflation … and prime
interest rates aimed at stopping inflation exceeding 20% … and failing.
President Nixon set the stage for the US private sector to recover by reestablishing diplomatic
relations with China, and President Reagan made it more difficult for labor unions to resist
changes in the way business operated. During the 1980s there were major changes in supply
chains as US manufacturing sources were replaced by Chinese and other low wage suppliers.
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organization. There is an implicit assumption that the organization performing well means that
society and the economy is performing well, yet there is no natural law upon which this can be
based. Maybe for the economy of the 18th and 19th centuries this might have been true, but ny
the latter parts of the 20th century conventional money profit accounting performance
measurements and increased productivity meant that this assumption was no longer valid.
Rather in MDIA, the primary focus is on the performance of society and the economy as it
affects people. The underlying idea is that the purpose of all economic activity is to improve the
quality of life of people. The MDIA approach makes it becomes possible to optimize every
aspect of society and the economy so that quality of life for people is improved to the maximum
extent possible.
A central idea of MDIA that the purpose of economic activity is to improve an individual's
quality of life is quite simple, but in practice the concept rapidly becomes complex for a variety
of reasons, all of which should be taken into consideration, for example
- • the improvement in one individual's quality of life must not come at the expense of someone else's quality of life;
- • an individual having more 'stuff' must not create unacceptable stress on the natural environment;
- • a corporate organization may be able to make more profit, but the company performance should be judged not only on the profit, but also on the impact of a set of externalities including the following:
- ◦ impact on people;
- ◦ impact on the natural environment caused by resource depletion;
- ◦ impact on the natural environment caused by environmental degradation;
- ◦ impact on the built environment;
- ◦ impact on the enabling environment; and
- ◦ impact on the knowledge environment.
In order for MDIA to be practical, there has to be an easy and rigorous way for quality of life to
be quantified. This may be accomplished by having the value of everything that matters recorded
in a database that is universally accessible.
An individual's quality of life is affected by many factors. Throughout the MDIA framework
there is both the 'State' and 'Activities' where 'state' is something like a business balance sheet
and 'activities' are something like a business profit and loss account.
In the MDIA approach, progress is the improvement in 'state' over a period of time. Just as in a
corporate balance sheet, the valuation of different elements in the balance sheet will change the
'state' and also change the progress and performance.
The 'state' of a person at any moment in time is everything that has been accumulated over time
that is now having impact in the present, and will affect the future, together with a large set of
things that will possibly happen in the future, and should be taken into consideration today.
Having an education or not, is something that happened in the past and now has a certain value
in the present. At the same time, the opportunity to use the education in the future is a factor
from the future that has an impact on the situation or 'state' at the present time.
These are the elements that impact the 'state' of a person, and a person's quality of life:
- • Parenting (received)
- • Parenting (given)
- • Education (received)
- • School choices
- • Subject choices
- • Experience
- • Skills development
- • Lifestyle choices … impact on wellness
- • Preventative medicine
- • Family choices
- • Friend choices
- • Food and nutrition
- • Alcohol
- • Drugs
- • Tobacco
- • Career choices
- • Spending choices
- • Investment choices
- • Location choices
- • Entertainment choices
- • Job opportunities
The elements that impact quality of life are many, and they interact in multiple ways that change
over time.
Everything may be wonderful, and then something happens and the state of health deteriorates, at
which point all the other positive attributes no longer have much influence of the resulting
quality of life 'state'.
The main elements of an individual's state
These are the main elements of the 'state' of the individual., Not only are there many elements
that go into the making of quality of life, but they are also interrelated in complex ways:
- • Personal situation
- ◦ Happiness
- ◦ Lack of stress
- ◦ Position in the family
- ◦ Spiritual security
- • Happiness
- ◦ Spouse, partner
- ◦ Children
- ◦ Parents
- ◦ Extended family
- ◦ Friends
- ◦ Enjoyable work
- ◦ Little financial stress
- ◦ Little health stress
- ◦ Appreciation of music
- ◦ Appreciation of dance
- ◦ Appreciation of art
- ◦ Appreciation of food, wine
- ◦ Appreciation of sport
- ◦ Appreciation of travel
- • Stress
- ◦ Immediate issues ... health
- ◦ Immediate issues … water
- ◦ Immediate issues … food
- ◦ Immediate issues … money
- ◦ Immediate issues … employment
- ◦ Concern about the future … financial
- ◦ Concern about the future … old age care
- • Growing up … impact of the past
- ◦ Parenting
- ◦ Home
- ◦ Family and friends
- ◦ Education
- ◦ Healthcare
- ◦ Food and beverages
- ◦ Sport
- ◦ Culture
- ◦ An individual's choices
- ◦ Experiences
- • Family
- ◦ Home … shelter
- ◦ Parenting
- ◦ Food security
- ◦ Water security
- ◦ Energy security
- ◦ Shelter
- ◦ Clothing and stuff
- ◦ Family friends
- • Community
- ◦ Access to jobs
- ◦ Access to goods and services
- ◦ Access to recreation
- • Financial security
- • Job opportunities
- ◦ Economic activities
- ▪ in the community
- ▪ in commuting distance
- ◦ Education, skills and knowledge
- ▪ During growing up
- ▪ Lifetime learning
- • Wellness … good health
- ◦ During growing up
- ◦ Lifestyle choices
- ◦ Access to healthcare
- ◦ Genetics
- ◦ What the future holds
- • Access to infrastructure
- ◦ that gives access to transport
- ◦ that gives access to energy
- ◦ that gives access to goods and services
- • Enabling environment
- • Opportunity
- ◦ a function of education
- ◦ a function of skills
- ◦ a function of available jobs
- • Consumption of stuff
- ◦ an individual's buy or not to buy decisions
- • Access to entertainment
Quality of life in the present is affected by what has happened in the past, by the situation at the
present and by what will be possible in the future. This adds complexity to the model, but also
makes the model more meaningful.
In MDIA everything revolved around the idea that progress is the change in state from the
beginning of the period to the end of the period.
When there is no change in state between BOP and EOP, there is a stable situation that may or
may not be desirable, and the cause may be because the state is not subject to change, or that
there have been substantial activities, but still no change. There are situations where it takes a lot
of activity and effort to sustain a constant state.
For people, State is a measure of quality of life. There are hundreds of separate issues that go
into an individual's quality of life. Change in state from the beginning of a period (BOP) to the
end of a period (EOP) is a very useful measure of progress and improvement (or deterioration) of
quality of life.
It is possible to have a quantifiable change of state or a change in quality of life without having
any knowledge about what caused the change.
It is also possible to have a substantial activity with a lot of cost, and no measurable change in
the state and change in the quality of life. Understanding what causes little progress with big
expenditures is a challenge, and is most effectively resolved by management analysis rather than
using statistics. In most cases the reason for poor performance in complex systems is that there
are one or more critical constraints still active that need to be addressed. This is difficult to
identify using statistical method, but is very often east to see when there is a management that
understands the activities and observes the details.
I used to call this 'management by walking around'. Early in my career I attended a training
session on 'observation and perception' which really opened my eyes. Many solutions are
obvious if only staff and decision makers would be more observant
This paper as PDF: http://www.truevaluemetrics.org/DBpdfs/BMABusiness/TVM-MDIA/TVM-MDIA-Brief-131107b.pdf
… products like food, and clothes and all the other goods and services that go into quality of life and standard of living.
Physical Capital includes buildings. There are many types of buildings including:
- • Residential buildings: houses, apartments, etc.
- • Commercial buildings: offices, shops, shopping centers, etc.
- • Industrial buildings: factories, warehouses, etc.
- • Community support buildings
Physical Capital includes machinery and equipment:
- • Transport: Trucks, trains, cars, buses, ships, aircraft
- • Production: Iron and Steel, Pulp and Paper; General Manufacturing; Automobiles, Shipbuilding, Chemical Plants, etc.
- • Electric power generating systems.
Physical Capital includes infrastructure:
- • Roads and bridges
- • Railroad permanent way
- • Water and sewer systems
- • Electric power grid
- • Airports / Seaports
- • Recreation
Physical Capital also includes working capital … the product that people have to have in order to satisfy basic needs and more to deliver a good quality of life.
During the past 150 years there has been amazing progress in the design and deployment of engineered structure and products. However … but investment flows in many parts of the world are inadequate to maintain physical capital, and much of existing physical capital and especially infrastructure is old, badly maintained, inefficient and in some cases just dangerous.
Multi Dimension Impact Accounting (MDIA) … Brief
MULTI DIMENSION IMPACT ACCOUNTING (MDIA)
Peter Burgess ... November 2013
The prevailing metrics that dominate the media dialog about business, politics, society and the
economy are driving everything in the wrong direction. Optimizing the organization to make the
most money profit and deliver higher stock prices while ignoring all the externalities that impact
people and planet drives a big part of society in the wrong direction and is environmentally
unsustainable. GDP growth is a popular metric because it makes bigger profits and higher stock
prices far easier to achieve than otherwise. There are no metrics about improvement in quality of
life for everyone while using the least resources and doing the minimum environmental damage.
Multi Dimension Impact Accounting (MDIA) changes this. MDIA uses a single set of data in an
integrated comprehensive system to measure state, progress and performance from multiple
perspectives and in multiple dimensions: (1) profit; (2) people; (3) planet (land); (4) planet
(water); (5) planet (atmosphere); (6) place; (7) product; (8) organization; and (9) time.
All these data elements have different characteristics ... but they all have their purpose.
In the prevailing system of management metrics, everything is about the organization and its
performance. A better system of metrics will be agnostic about the structure of economic activity,
but will be clear about the performance of economic activity, that is, how much progress for how
much consumption of limited resources and how much impact on the environment.
The performance of an organization is one dimension of the metrics, but only one. The other
dimensions are people, place and product. MDIA is a broader application of the Triple Bottom
Line concept which has an organization focus and refers to profit, people and planet.
Keeping track of socio-economic performance at the individual people level would be good, but
is difficult to do because there are all sorts of issues around privacy and the individual is too
small. On the other hand different groups of people are manageable. People may be classed in
groups such as investors, senior executives, wage earners, family members, community
members, etc. and in many other ways. In an optimum system for socio-economic performance
management, it is improvement in the quality of life for people that is the dominant goal.
People live in a place, and quality of life is impacted by what is in the place and goes on in the
place. This includes the economic activities, the various services, the infrastructure, the natural
resources, and so on.
Trying to understand impact on the planet (land, water and atmosphere) is difficult because it is
very big. Places are much easier. Their locations are fixed and the data are easier to validate.
People can see things in a place and report on them. Others can check on the reporting and
confirm the data.
In addition, everything to do with planet happens in a place. It can be identified in a place. Waste
originates in a place and landfills are in a place. Industries pollute (like oil in the Niger Delta) in
a place. Factories have accidents (like textiles in Dhaka) in a place. These events can be reported
on and used to enable accountability of those people and organizations responsible.
Product … that is all goods and services … is another dimension. A product has a life cycle
starting with raw materials, going through a series of economic activities that 'add value' in the
supply chain until the product is used, and eventually put into the post use waste chain. The
purpose of product is to improve the quality of life of the user, and is optimized when this is
maximized and the net value destruction in the life cycle is the minimum.
In MDIA, it is the economic activity in a place that is the core analytical unit. An economic
activity is located in a place and is associated with organizations and products. The data about an
economic activity may be aggregated (consolidated) into place, organization and product
according to rules derived from accounting consolidation rules.
The characteristics of economic activity have an impact on people. People (investors) invest in
organizations that operate economic activities in a place. People (executives) make decisions in
an organization in a place. People (workers) work in an organization in an economic activity in a
place, add value and get paid. People earn money and people spend money. While workers' pay
is a cost to the economic activity and to the organization, the same pay is a value to the worker,
the workers' families and the community (place). The impact on the place depends on the local
multiplier and whether the money stays in the place or moves directly to another place.
MDIA is not positioned to displace TBL but to embrace and enhance TBL so that it is part of a
comprehensive analysis and reporting framework. TBL has an organization focus. MDIA is
broader and completely agnostic with respect to how society, the economy and businesses are
organized. Being agnostic is a critical characteristic of good metrics.
MDIA has applicability in every sector everywhere. It gets beyond 'single silo' thinking and
encourages multi-sector solutions. MDIA has a focus on progress. Progress is change of state. It
does not really matter how one gets there. Performance is the relationship between resources
consumed and environment degradation relative to the progress achieved.
All of this has to be quantified in a widely acceptable manner. MDIA does this using a system of
standard costs rather like standard costs in a cost accounting system.
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