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This course format is where trainer will explain you the subject via online live session. Date and time are not decided yet but it will be planned within next 2 weeks after you enroll & pay for this course. Get in touch with our team if any clarification is required.
Cost management is essential for all companies to control and manage costs to provide value to their customers. Should-cost analysis helps the user in cost estimation of the product and to obtain precise information for making necessary trade-offs. It also aids in price negotiations with the suppliers and to foresee supplier process inefficiencies. Should-cost analysis is a holistic approach to cost intervention and benefits us by analyzing each aspect of cost drivers vigilantly
Should Cost Definition
Applications of costing
Objectives and Advantages of Should costing
Should costing for New Product Development process
Inference of Should costing vs purchase/manufacturing cost
Typical Should Cost Parameters
Hourly Machine rate
Tool amortization cost
Plant overheads
Understanding the drivers of raw materials and manufacturing costs is imperative to unlocking cost savings opportunities. Limited visibility into these cost drivers — and the overall production process — often results in incorrect component pricing, weakening your bargaining position with suppliers and making it all the more difficult to find avenues to cut costs. Should-cost analysis is a powerful cost estimation tool that equips and empowers your procurement team to furnish viable evidence to suppliers as part of negotiation efforts, helping you achieve a final cost estimate that is closer to your target price. New product development is the key driver of business sustenance. Once a product is launched in to the market, it has its own rivals to kill it. However, it will only sustain based on the cost and technological impact that differentiates itself from the rest. In order to establish a targeted cost for the product, cost management is quite essential and has to be initiated from the design stage in the product life cycle to achieve the target cost. Cost management denotes actions driven by the top management to satisfy (meet) customer’s requirements on reducing and controlling cost in the early stages of design. Hence Should-Cost analysis is essential for profitable new product development.
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