MG 6863 UNIT II MAKE OR BUY DECISION
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Dr. A. Asha Department of Mechanical Engineering Kamaraj College of engineering & Technology, Virudhunagar
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Make or buy decision
This document discusses factors to consider in a make or buy decision for an organization. It should evaluate the lowest cost alternative of making a product internally or purchasing it externally. The decision should be reviewed periodically as the business environment changes. Key criteria for making internally include lower cost, limited supplier capacity, and close quality control needs. Key criteria for buying externally include requiring existing supplier facilities, lacking internal production capabilities, and temporary or seasonal demand. Approaches to analyze the decision include simple cost analysis, economic analysis comparing purchase and manufacturing models, and break-even analysis.
Make or Buy Decisions
When should a company simply buy from other companies and resell the products? When should they produce by themselves? I present a costing presentation on this.
Make or Buy
A make-or-buy decision involves choosing whether to manufacture a product internally or purchase it from an external supplier. Key factors in make-or-buy decisions are business strategy, risk, and economics. Approaches to make-or-buy decisions include simple cost analysis, economic analysis, and break-even analysis. Simple cost analysis compares total internal manufacturing costs to total external purchasing costs to determine the lowest cost option. Economic analysis examines costs and profits in more depth. Break-even analysis is used to predict future profits, losses, and results of different production options. A structured process using one of these analytical approaches can help companies make optimal make-or-buy decisions.
Activity Based Costing
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
Process costing
Process costing is a method used by manufacturing industries to calculate the cost of production at each stage of converting raw materials into finished goods. It involves allocating total manufacturing costs to products based on normal production levels. Process costing is used in industries like chemicals, textiles, steel, and sugar that involve sequential production processes with continuous flow of goods. The method determines an average cost per equivalent unit and helps control costs, calculate inventory values, and assign product prices at each stage of multiple processes.
Value analysis
This document provides an overview of value analysis. It defines value analysis as a systematic process that compares the function of a product required by customers against the lowest cost of meeting specified performance and reliability. The key steps of value analysis are to establish objectives, analyze the production process, decompose product characteristics, brainstorm alternatives, select the best alternative, and implement changes. Value analysis aims to provide better value to customers and improve competitive position by eliminating unnecessary costs.
Process selection
The document discusses different types of production systems and factors that influence process selection. It describes four main types of production systems: project, job, batch, and mass production. It also discusses intermittent and continuous manufacturing systems. Key factors that influence process selection include variety, volume, flexibility, and expected output. Process selection impacts capacity planning, facility layout, equipment design, and work design.
Method of costing
The document discusses various methods and concepts in cost accounting, including:
1. Different types of costing methods like unit costing, job costing, contract costing, batch costing, operating costing, process costing, and multiple/uniform costing.
2. The need to reconcile cost and financial accounts when they are maintained separately, to check for differences in reported profit/loss.
3. Key aspects of cost sheets like classifying cost components, ascertaining product costs, fixing selling prices, and aiding cost control and management decisions.
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Make or buy decision
This document discusses factors to consider in a make or buy decision for an organization. It should evaluate the lowest cost alternative of making a product internally or purchasing it externally. The decision should be reviewed periodically as the business environment changes. Key criteria for making internally include lower cost, limited supplier capacity, and close quality control needs. Key criteria for buying externally include requiring existing supplier facilities, lacking internal production capabilities, and temporary or seasonal demand. Approaches to analyze the decision include simple cost analysis, economic analysis comparing purchase and manufacturing models, and break-even analysis.
Make or Buy Decisions
When should a company simply buy from other companies and resell the products? When should they produce by themselves? I present a costing presentation on this.
Make or Buy
A make-or-buy decision involves choosing whether to manufacture a product internally or purchase it from an external supplier. Key factors in make-or-buy decisions are business strategy, risk, and economics. Approaches to make-or-buy decisions include simple cost analysis, economic analysis, and break-even analysis. Simple cost analysis compares total internal manufacturing costs to total external purchasing costs to determine the lowest cost option. Economic analysis examines costs and profits in more depth. Break-even analysis is used to predict future profits, losses, and results of different production options. A structured process using one of these analytical approaches can help companies make optimal make-or-buy decisions.
Activity Based Costing
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
Process costing
Process costing is a method used by manufacturing industries to calculate the cost of production at each stage of converting raw materials into finished goods. It involves allocating total manufacturing costs to products based on normal production levels. Process costing is used in industries like chemicals, textiles, steel, and sugar that involve sequential production processes with continuous flow of goods. The method determines an average cost per equivalent unit and helps control costs, calculate inventory values, and assign product prices at each stage of multiple processes.
Value analysis
This document provides an overview of value analysis. It defines value analysis as a systematic process that compares the function of a product required by customers against the lowest cost of meeting specified performance and reliability. The key steps of value analysis are to establish objectives, analyze the production process, decompose product characteristics, brainstorm alternatives, select the best alternative, and implement changes. Value analysis aims to provide better value to customers and improve competitive position by eliminating unnecessary costs.
Process selection
The document discusses different types of production systems and factors that influence process selection. It describes four main types of production systems: project, job, batch, and mass production. It also discusses intermittent and continuous manufacturing systems. Key factors that influence process selection include variety, volume, flexibility, and expected output. Process selection impacts capacity planning, facility layout, equipment design, and work design.
Method of costing
The document discusses various methods and concepts in cost accounting, including:
1. Different types of costing methods like unit costing, job costing, contract costing, batch costing, operating costing, process costing, and multiple/uniform costing.
2. The need to reconcile cost and financial accounts when they are maintained separately, to check for differences in reported profit/loss.
3. Key aspects of cost sheets like classifying cost components, ascertaining product costs, fixing selling prices, and aiding cost control and management decisions.
OPERATION STRATEGY
The document discusses key aspects of operation management and strategy. It defines operation management as the systematic design, direction, and control of processes that transform inputs into services. It identifies the five key components in any operation as plants, people, parts, processes, and planning/control. It then discusses elements of operation strategy including production systems, facilities, product/service design, quality, flexibility, and time. Finally, it covers topics like competitive priorities, industry best practices, manufacturing strategies, and the link between corporate, business and operation strategies.
Cost volume profit analysis.
Cost Volume Profit (CVP).
Introduction
Fixed costs
Variable costs
Semi variable costs
Contribution margin
Break even point
PV Ratio
BEP ANalysis.
break even point
Cost-volume-Profit.
Target costing
The document discusses target costing, which is a cost management tool used to reduce product costs over the entire lifecycle. It involves cross-functional teams working to design products that meet customer needs within a target cost. The document outlines the target costing process and provides an example of how target costing was applied to reduce the costs of a pump design through value engineering and component cost analysis.
Variance Analysis
The document defines various types of variances that can occur in cost accounting, including material, labor, and overhead variances. It provides formulas to calculate variance amounts and examples showing how to compute variances based on standard and actual costs. Variances are classified into price, usage/efficiency, and mix categories and can be favorable or unfavorable depending on whether actual costs are lower or higher than standards.
Classification Of Cost
This document defines and provides examples of different types of costs that can be classified in various ways for accounting and management purposes. It discusses costs classified by nature (material, labor, expenses), functions (production, selling, distribution, etc.), identifiability (direct, indirect), variability (fixed, variable, step), controllability (controllable, uncontrollable), normality (normal, abnormal), and more. Key points covered include definitions of direct costs, indirect costs, fixed costs, variable costs, product costs, period costs, and common/joint costs.
PRODUCTION SYSTEMS
This document discusses different types of production systems. It defines production as manufacturing, mining or growing goods for trade, and a production system as consisting of inputs, conversion processes, and outputs. The main types of production systems are described as job production (one-off custom jobs), batch production (similar goods in batches), mass production (large volumes of standardized goods), and process production (continuous extraction of goods like oil). The advantages and disadvantages of each system are provided.
Marginal Costing
The document discusses marginal costing and its advantages for managerial decision making. Marginal costing involves separating variable and fixed costs. It allows companies to determine contribution margins, break-even points, and margins of safety to aid in decisions around pricing, production levels, and profitability. The key advantage is it focuses on the impact of changes in output on profits. Some disadvantages are it understates inventory values and fixed costs are excluded from short-term decision making.
marginal and absorption costing
The document presents a slideshow on marginal costing and absorption costing. It defines marginal cost as the change in total cost from producing one additional unit. Marginal costing focuses on variable costs, treating fixed costs as period costs. Absorption costing treats all costs as product costs. The presentation calculates profit under both methods using an example and highlights the key differences between the two approaches. It concludes that while absorption costing is a total cost technique, marginal costing is useful for management decision making, cost control and profit planning.
Cost & management accounting
This document provides an introduction to cost and management accounting. It discusses key concepts such as cost accounting, management accounting, costing, and the differences between financial accounting and management accounting. The objectives of cost accounting are to ascertain costs, control costs, aid decision-making, determine selling prices, and more. Management accounting builds on cost and financial accounting data to provide information for planning, control, and decision-making. It focuses on the internal needs of management rather than external reporting.
Break even point
The document discusses break-even analysis, which determines the sales volume needed for a company to cover its total costs. It defines break-even point as the sales level where total revenue equals total costs, resulting in no profit or loss. The document provides examples of calculating break-even point using tables and charts. It also outlines the assumptions and limitations of break-even analysis, and explains its uses for management decision making like determining a target profit level or the effect of a price change.
layout planning
Layout planning determines the optimal physical arrangement of resources to maximize productivity. The document discusses different types of layouts including process, product, group technology, and fixed-position layouts. Product layouts are designed to efficiently produce a specific product in high volumes, while process layouts group similar resources together and fixed-position layouts are used when the product is too large to move.
Marginal costing
It describes Marginal cost and Marginal costing and also compares Absorption costing with Marginal costing.
CVP Analysis
Cost-volume-profit (CVP) analysis examines how changes in volume, costs, and prices affect profits. It is used for managerial decisions like pricing, order acceptance, product promotion, and feasibility analysis. CVP analysis uses techniques like contribution margin analysis and break-even analysis under assumptions like linear revenues and expenses. Questions address profit levels at different volumes, the volume where costs equal revenues, and the effects of cost/price changes on profits.
Production and Operation Management
This document discusses production and operations management. It begins with definitions of production management and operations management. It then provides a historical overview of the evolution of the field from Adam Smith's specialization of labor to more modern contributions. The rest of the document defines concepts related to production systems including inputs, transformation processes, outputs, and classifications like job shop, batch, mass, and continuous production.
BREAK EVEN ANALYSIS
INFORMATION ABOUT
B.E.P.
Definition
Cost Volume Profit analysis & Application
Assumption of BEP analysis
Calculation
Method
Formula
Target profit
Margin of safety
Definition
Formula
Limitation of B.E.P.
Basic equation of Marginal Costing
Uses Of CVP Analysis
Limitations Of CVP Analysis
Profit Volume (P/V) Ratio
Marginal costing
Determination Of Marginal Cost
Features of Marginal Costing
product design and process selection
This document discusses product design and process selection. It defines key terms like product, design, and process. It outlines important elements of product design like R&D, reverse engineering, manufacturability, and concurrent engineering. It also discusses factors that influence product design from the customer and organization perspectives. The document then covers types of process design like product focused, process focused, and repetitive focus systems. It discusses various layout types including product, process, fixed position, and cellular manufacturing layouts. Finally, it provides overviews of lean manufacturing and agile manufacturing systems.
Cost Accounting
This document defines key concepts in cost accounting and cost management. It discusses how cost accounting provides information for both management and financial accounting by measuring and reporting costs. It also describes different types of costs like direct, indirect, fixed and variable costs. Finally, it summarizes standard costing and analysis of variance, which are techniques used to evaluate actual performance against pre-established cost standards.
Process costing
- Process costing is used to determine average costs for standardized goods produced through continuous processes. It involves allocating costs for multiple processes to the finished goods.
- The key steps are: recording costs by process, calculating production quantities, determining normal losses, and allocating costs between processes and finished goods using weighted average or FIFO methods.
- Process costing is common in industries like manufacturing, mining, chemicals where standardized goods are produced through sequential processes and normal losses are inherent.
material requirement planning
MRP is a computer-based production planning and inventory control system that attempts to keep adequate inventory levels and ensure required materials are available when needed. It is part of ERP and deals specifically with controlling and managing manufacturing inventories and produced products. MRP uses forecasting of inventory levels, production schedules, and customer demand to determine the optimum levels of materials and finished products to purchase and manufacture in order to reduce waste. It can also be used to schedule production and control the shop floor.
Notes on Cost volume profit analysis
Cost-volume-profit (CVP) analysis is used to determine how changes in costs and sales volume affect a company's profits. It requires identifying all costs as either variable or fixed. CVP analysis explores the relationship between costs, revenues, and activity level to measure how costs and profits vary with sales volume. It is used for forecasting profits, budget planning, pricing decisions, determining sales mix, and more. The three elements of CVP are costs, volume, and profit. The break-even point is the sales volume where total revenue equals total costs. Relevant costs must differ between alternatives and affect the decision. Sunk costs do not affect decisions as they cannot be changed.
Make or buy, insourcingoutsourcing
This document discusses strategies for making versus buying (insourcing versus outsourcing). It provides factors to consider for each option, such as cost, capacity, expertise, control, and flexibility. For making/insourcing, considerations include using excess capacity, quality control, and design secrecy. For buying/outsourcing, factors include unreliable internal production, risk mitigation, and accessing supplier expertise. A cost analysis is recommended to determine the most economical choice. Insourcing and outsourcing may also be used to reverse previous decisions when supply issues occur. Outsourcing risks like loss of control and supplier problems must be considered.
MG 6863 ENGG ECONOMICS UNIT IV REPLACEMENT AND MAITENANCE ANALYSIS
The document discusses various types of maintenance including corrective, scheduled, preventive, and predictive maintenance. It defines each type and provides examples. Preventive maintenance aims to detect and prevent failures through systematic inspection and minor repairs. The objectives are to keep equipment available and maintain production efficiency. Predictive maintenance uses sensors to predict issues before failure. Replacement analysis considers when to replace assets based on factors like deterioration, obsolescence, and cost. Various replacement problems are examined, including economic life and choosing between existing and new assets.
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OPERATION STRATEGY
The document discusses key aspects of operation management and strategy. It defines operation management as the systematic design, direction, and control of processes that transform inputs into services. It identifies the five key components in any operation as plants, people, parts, processes, and planning/control. It then discusses elements of operation strategy including production systems, facilities, product/service design, quality, flexibility, and time. Finally, it covers topics like competitive priorities, industry best practices, manufacturing strategies, and the link between corporate, business and operation strategies.
Cost volume profit analysis.
Cost Volume Profit (CVP).
Introduction
Fixed costs
Variable costs
Semi variable costs
Contribution margin
Break even point
PV Ratio
BEP ANalysis.
break even point
Cost-volume-Profit.
Target costing
The document discusses target costing, which is a cost management tool used to reduce product costs over the entire lifecycle. It involves cross-functional teams working to design products that meet customer needs within a target cost. The document outlines the target costing process and provides an example of how target costing was applied to reduce the costs of a pump design through value engineering and component cost analysis.
Variance Analysis
The document defines various types of variances that can occur in cost accounting, including material, labor, and overhead variances. It provides formulas to calculate variance amounts and examples showing how to compute variances based on standard and actual costs. Variances are classified into price, usage/efficiency, and mix categories and can be favorable or unfavorable depending on whether actual costs are lower or higher than standards.
Classification Of Cost
This document defines and provides examples of different types of costs that can be classified in various ways for accounting and management purposes. It discusses costs classified by nature (material, labor, expenses), functions (production, selling, distribution, etc.), identifiability (direct, indirect), variability (fixed, variable, step), controllability (controllable, uncontrollable), normality (normal, abnormal), and more. Key points covered include definitions of direct costs, indirect costs, fixed costs, variable costs, product costs, period costs, and common/joint costs.
PRODUCTION SYSTEMS
This document discusses different types of production systems. It defines production as manufacturing, mining or growing goods for trade, and a production system as consisting of inputs, conversion processes, and outputs. The main types of production systems are described as job production (one-off custom jobs), batch production (similar goods in batches), mass production (large volumes of standardized goods), and process production (continuous extraction of goods like oil). The advantages and disadvantages of each system are provided.
Marginal Costing
The document discusses marginal costing and its advantages for managerial decision making. Marginal costing involves separating variable and fixed costs. It allows companies to determine contribution margins, break-even points, and margins of safety to aid in decisions around pricing, production levels, and profitability. The key advantage is it focuses on the impact of changes in output on profits. Some disadvantages are it understates inventory values and fixed costs are excluded from short-term decision making.
marginal and absorption costing
The document presents a slideshow on marginal costing and absorption costing. It defines marginal cost as the change in total cost from producing one additional unit. Marginal costing focuses on variable costs, treating fixed costs as period costs. Absorption costing treats all costs as product costs. The presentation calculates profit under both methods using an example and highlights the key differences between the two approaches. It concludes that while absorption costing is a total cost technique, marginal costing is useful for management decision making, cost control and profit planning.
Cost & management accounting
This document provides an introduction to cost and management accounting. It discusses key concepts such as cost accounting, management accounting, costing, and the differences between financial accounting and management accounting. The objectives of cost accounting are to ascertain costs, control costs, aid decision-making, determine selling prices, and more. Management accounting builds on cost and financial accounting data to provide information for planning, control, and decision-making. It focuses on the internal needs of management rather than external reporting.
Break even point
The document discusses break-even analysis, which determines the sales volume needed for a company to cover its total costs. It defines break-even point as the sales level where total revenue equals total costs, resulting in no profit or loss. The document provides examples of calculating break-even point using tables and charts. It also outlines the assumptions and limitations of break-even analysis, and explains its uses for management decision making like determining a target profit level or the effect of a price change.
layout planning
Layout planning determines the optimal physical arrangement of resources to maximize productivity. The document discusses different types of layouts including process, product, group technology, and fixed-position layouts. Product layouts are designed to efficiently produce a specific product in high volumes, while process layouts group similar resources together and fixed-position layouts are used when the product is too large to move.
Marginal costing
It describes Marginal cost and Marginal costing and also compares Absorption costing with Marginal costing.
CVP Analysis
Cost-volume-profit (CVP) analysis examines how changes in volume, costs, and prices affect profits. It is used for managerial decisions like pricing, order acceptance, product promotion, and feasibility analysis. CVP analysis uses techniques like contribution margin analysis and break-even analysis under assumptions like linear revenues and expenses. Questions address profit levels at different volumes, the volume where costs equal revenues, and the effects of cost/price changes on profits.
Production and Operation Management
This document discusses production and operations management. It begins with definitions of production management and operations management. It then provides a historical overview of the evolution of the field from Adam Smith's specialization of labor to more modern contributions. The rest of the document defines concepts related to production systems including inputs, transformation processes, outputs, and classifications like job shop, batch, mass, and continuous production.
BREAK EVEN ANALYSIS
INFORMATION ABOUT
B.E.P.
Definition
Cost Volume Profit analysis & Application
Assumption of BEP analysis
Calculation
Method
Formula
Target profit
Margin of safety
Definition
Formula
Limitation of B.E.P.
Basic equation of Marginal Costing
Uses Of CVP Analysis
Limitations Of CVP Analysis
Profit Volume (P/V) Ratio
Marginal costing
Determination Of Marginal Cost
Features of Marginal Costing
product design and process selection
This document discusses product design and process selection. It defines key terms like product, design, and process. It outlines important elements of product design like R&D, reverse engineering, manufacturability, and concurrent engineering. It also discusses factors that influence product design from the customer and organization perspectives. The document then covers types of process design like product focused, process focused, and repetitive focus systems. It discusses various layout types including product, process, fixed position, and cellular manufacturing layouts. Finally, it provides overviews of lean manufacturing and agile manufacturing systems.
Cost Accounting
This document defines key concepts in cost accounting and cost management. It discusses how cost accounting provides information for both management and financial accounting by measuring and reporting costs. It also describes different types of costs like direct, indirect, fixed and variable costs. Finally, it summarizes standard costing and analysis of variance, which are techniques used to evaluate actual performance against pre-established cost standards.
Process costing
- Process costing is used to determine average costs for standardized goods produced through continuous processes. It involves allocating costs for multiple processes to the finished goods.
- The key steps are: recording costs by process, calculating production quantities, determining normal losses, and allocating costs between processes and finished goods using weighted average or FIFO methods.
- Process costing is common in industries like manufacturing, mining, chemicals where standardized goods are produced through sequential processes and normal losses are inherent.
material requirement planning
MRP is a computer-based production planning and inventory control system that attempts to keep adequate inventory levels and ensure required materials are available when needed. It is part of ERP and deals specifically with controlling and managing manufacturing inventories and produced products. MRP uses forecasting of inventory levels, production schedules, and customer demand to determine the optimum levels of materials and finished products to purchase and manufacture in order to reduce waste. It can also be used to schedule production and control the shop floor.
Notes on Cost volume profit analysis
Cost-volume-profit (CVP) analysis is used to determine how changes in costs and sales volume affect a company's profits. It requires identifying all costs as either variable or fixed. CVP analysis explores the relationship between costs, revenues, and activity level to measure how costs and profits vary with sales volume. It is used for forecasting profits, budget planning, pricing decisions, determining sales mix, and more. The three elements of CVP are costs, volume, and profit. The break-even point is the sales volume where total revenue equals total costs. Relevant costs must differ between alternatives and affect the decision. Sunk costs do not affect decisions as they cannot be changed.
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The document discusses various types of maintenance including corrective, scheduled, preventive, and predictive maintenance. It defines each type and provides examples. Preventive maintenance aims to detect and prevent failures through systematic inspection and minor repairs. The objectives are to keep equipment available and maintain production efficiency. Predictive maintenance uses sensors to predict issues before failure. Replacement analysis considers when to replace assets based on factors like deterioration, obsolescence, and cost. Various replacement problems are examined, including economic life and choosing between existing and new assets.
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AN EXPERT SYSTEM FOR MAKE OR BUY DECISION IN MANUFACTURING INDUSTRY
A computer-based system is designed to assist manufacturing industries in the make or buy decision, which is arguably the most fundamental component of manufacturing strategy. A model of make or buy decision was developed through review of literature and discussion with industry people. The system employs both case-based reasoning (CBR) and decision support system components. As part of the development process, interviews were conducted with managers in valve manufacturing industry in order to determine current make or buy practice and elicit opinions on how the decision-making process would be enhanced. The model consists of various checks as technology, capacity, sorting of parts by cost in descending and allocating capacity for parts which give maximum cost saving as first. A Knowledge Based System (KBS) was developed which incorporates these checks into the make buy decision. This system is used for analysis of capacity of machine used and idle capacity remaining for better performance of the industry. Expert system developed is also used to take decision about a new part /product to be manufactured inhouse or bought outside and save the time in decision making
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AN EXPERT SYSTEM FOR MAKE OR BUY DECISION IN MANUFACTURING INDUSTRY
AN EXPERT SYSTEM FOR MAKE OR BUY DECISION IN MANUFACTURING INDUSTRY
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Tactical decision making involves short-term decisions to utilize resources and increase profits. The document outlines a tactical decision making model and applies it to examples. It discusses identifying alternatives and relevant costs that differ between alternatives to select the optimal choice. The model is demonstrated on a company considering renting space or outsourcing production. Relevant costs like labor are compared between make vs buy alternatives to inform the decision.
Corporate tax planning for make or buy decision.
Tax planning involves arranging one's financial affairs to minimize the tax burden while complying with tax laws. It requires analyzing decisions from a tax perspective to ensure tax efficiency. When making a "make or buy" decision, a company must consider factors like production costs, capacity, demand fluctuations, and tax implications. Approaches to evaluate this decision include simple cost analysis, economic analysis using purchase and manufacturing models, and break-even analysis. The option with the lower total costs based on these evaluations should be selected.
Costi decisionali - 3. Decisioni “Make or Buy”
The document discusses a "make or buy" decision faced by Essex Company regarding the production of part 4A. It analyzes the unit costs of making the part internally versus buying it from a supplier. The supplier offered a price of $25 per part, compared to Essex's internal cost of $30 per part. Essex eliminated sunk costs and overhead that would be the same whether making or buying the part, and determined it would save $160,000 by accepting the supplier's offer of $25 per part for 20,000 units.
Act 333
1. The document is a project report submitted by a group of students on applying managerial accounting concepts to product costing of sandals.
2. It includes an analysis of manufacturing process, estimated costs including direct material, direct labor, manufacturing overhead. It also classifies costs as variable and fixed.
3. The group estimates production capacity, calculates cost per unit using simple costing and activity based costing, and analyzes profitability using income statement in traditional and contribution format.
section 6 .pptx
The document discusses break even analysis for chemical plants. It provides examples of calculating the break even point in units and sales revenue for different unit retail prices and variable costs. It also contains examples of determining profit given production levels. Questions include calculating break even points, drawing break even charts, and determining if a plant is profitable based on supply and demand curves and fixed and variable costs.
A presentation on Activity Based Costing.pptx
Activity based costing (ABC) is an approach that allocates overhead costs to products based on their use of resources or cost drivers. Traditional costing systems often allocate overhead based on a single driver like direct labor hours, which can result in under or overcosting complex products. ABC identifies multiple cost drivers like machine hours, labor hours, and purchase orders. It assigns costs to these "activity pools" and then allocates the pool costs to products based on their consumption of each activity. This provides a more accurate allocation of overhead costs than traditional methods.
UNIT 3 PPCE.pptx
This document provides an introduction to cost estimation. It defines cost estimation as estimating the expected cost of producing a job or product before production begins. It also defines cost accounting as determining the actual cost of a product after adding expenses from various departments.
The document outlines several objectives of cost estimation such as determining if a project will be economical, helping to set the selling price, and enabling management to plan financing and procurement. It also describes different types of costs that make up total estimated costs like material, labor, overhead costs. Finally, it discusses different cost estimation methods used like job costing, process costing, and departmental costing.
MG6863 Engineering Economics
This document provides an overview of engineering economics. It defines economics and economic goals. It describes the flow of resources and money in an economy between households, businesses, and factors of production. Key concepts discussed include the law of supply and demand, elasticity, and factors that influence supply and demand. Engineering economics is described as analyzing efficient and cost-effective functioning of organizations. Principles and procedures of engineering economics analysis are outlined. Types of efficiency and ways to improve productivity are also summarized.
186658027-Activity-Based-Costing-1.ppt
This document discusses traditional costing systems and activity-based costing (ABC). Traditional costing systems allocate overhead using a single rate, such as direct labor hours, which can over- or under-cost complex products. ABC allocates overhead using multiple cost drivers that better reflect resource usage. The document provides an example comparing traditional and ABC costing for two products. ABC costing allocated overhead more accurately without leftover/missing costs. ABC is recommended when products and processes are complex or diverse. It can also be used for activity-based management to reduce non-value adding activities.
Activity Based Costing.ppt
This document discusses traditional costing systems and activity-based costing (ABC). Traditional systems allocate overhead based on a single rate like direct labor hours, which can over- or under-cost complex products. ABC allocates overhead using multiple cost drivers like direct labor hours, machine hours, and purchase orders. It calculates overhead rates for each activity cost pool and allocates costs to products based on their usage of each activity. ABC provides a more accurate allocation of overhead costs than traditional methods when production is complex.
Seminar _5.pptx
This document summarizes a presentation on the replacement problem in operations research. The replacement problem aims to determine the optimal time to replace equipment by minimizing total replacement costs over time. Total costs consider running costs like maintenance, depreciation costs as the value decreases over time, and scrap value from selling old equipment. Two replacement models are described: one for equipment that declines in value and efficiency over time, and one for equipment that fails completely. Individual and group replacement policies are also outlined. The document provides an example problem calculating total costs each year to determine when a machine should be replaced.
abc COSTING
This document discusses activity-based costing (ABC) and activity-based management (ABM). It provides examples of implementing ABC at a company called Super Corporation. ABC involves identifying activities within a company and assigning indirect costs to products based on their use of each activity. This provides more accurate product costs than traditional costing systems. ABM uses the cost information from ABC to make decisions around pricing, cost reduction, process improvement and product design to improve profits. While more complex than departmental costing systems, ABC provides benefits like more accurate product costs and insights to help management make better decisions.
Abc costing
The document discusses activity-based costing (ABC) and activity-based management (ABM). It provides examples of how ABC can more accurately assign costs in a manufacturing company. ABC involves identifying key activities, tracing costs to those activities, and assigning costs to cost objects like products using cost drivers. This provides more accurate product costs than a traditional single-rate system. ABM then uses the ABC information for decisions to improve profits.
Ch 4 Activity Based Costing.ppt
This document provides an overview of activity-based costing (ABC) and how it differs from traditional costing systems. ABC assigns overhead costs to products based on their use of activities and cost drivers, rather than simple allocation bases like direct labor hours. This leads to more accurate product costs. The document outlines the steps in ABC, including identifying cost drivers, creating activity cost pools, calculating activity rates, and allocating costs to products. An example is provided to demonstrate how ABC can allocate overhead differently than traditional methods. ABC is more appropriate when products differ in complexity or overhead costs are significant.
Important mcqs for final Managerial Accounting
Import Mcqs for final and Mids belongs to managerial accounting subject. And answerer are also mentioned in this file. If You are a student of Hummayan Farid Uddin and you found this document means you are lucky
PGBM01 - MBA Financial Management And Control (2015-16 Trm1 A) Lecture 8 sho...
The document provides an overview of short-term decision making techniques, including characteristics, the decision-making cycle, and qualitative factors. It discusses techniques like working capital management, product mix decisions, and make-or-buy decisions. For make-or-buy decisions, it uses an example of the Essex Company to illustrate how to evaluate whether to produce a part internally or purchase it from a supplier by considering only relevant costs.
ACCT 346 Effective Communication/tutorialrank.com
This document contains a midterm exam for an ACCT 346 Managerial Accounting course. It includes 10 multiple choice questions and 4 short answer questions covering various topics from the course, including cost-volume-profit analysis, job order costing, process costing, activity-based costing, budgeting, and standard costs. The exam provides practice for students preparing for the midterm by testing their understanding of key managerial accounting concepts and calculations.
Chapter Two Cost.pptxmmmmmmmmmmmmmmmmmmmmmm
The document discusses decision making and relevant information. It provides details on decision models, the five-step decision making process, and the concept of relevance. Relevant information differs among alternatives and is future oriented. Both quantitative and qualitative factors are important. Sunk costs are always irrelevant. The document also discusses special order decisions, where the order should be accepted if revenue exceeds incremental costs. An example calculates the costs and revenues of a potential special order to determine if it should be accepted.
capacity planning class notes.ppt
This document discusses capacity planning concepts. It defines capacity as the upper limit of load an operating unit can handle. Effective capacity is the best operating level given constraints, while actual output is the rate achieved. Capacity planning aims to match supply capabilities to predicted demand levels. It is done infrequently when equipment or demand is stable, and more regularly when they change rapidly. Key questions in capacity planning include how much, what kind, and when capacity is needed.
ACCT 346 Enhance teaching - tutorialrank.com
For more course tutorials visit
www.tutorialrank.com
Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
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PGBM01 - MBA Financial Management And Control (2015-16 Trm1 A) Lecture 8 sho...
PGBM01 - MBA Financial Management And Control (2015-16 Trm1 A) Lecture 8 sho...
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The document discusses different types of jet engines. It describes the basic workings of a turbo jet engine including its thermodynamic cycle and performance characteristics. It then compares the turbo jet to turbo prop and turbo fan engines. The turbo prop combines a jet engine with a propeller, driven by a reduction gearbox, allowing for better fuel efficiency at lower speeds but adding complexity. The turbo fan divides the air into primary and secondary streams, using some of the air to bypass the engine for additional thrust at lower velocities than a turbo jet alone.
Unit v
The document summarizes the key components and operation of a liquid propellant rocket engine. It discusses that a liquid propellant rocket engine uses liquid fuel (like refined petrol or liquid hydrogen) and liquid oxygen that are pumped into a combustion chamber along with a preheated fuel-oxidizer mixture. The combustion of this mixture in the chamber produces high pressure and temperature gases that are expanded through a nozzle to produce high velocity thrust. Some advantages are reusability, controllability, and high specific impulse for long range operations. Disadvantages include more complex construction, higher costs, safety issues, larger size, and need for vibration insulation.
Unit ii Flow through circular pipes
The document discusses flow through circular pipes. It considers a horizontal pipe of radius R with a fluid element of radius r sliding through the viscous fluid. An equation is derived for the velocity profile by equating shear stress and rate of deformation. The equation contains an integration constant C which is determined using the boundary condition that velocity is 0 at the pipe wall (r=R). This allows determining the maximum velocity Umax at the center of the pipe (r=0). The flow rate per second through an elementary ring is also defined. Finally, the drop in pressure over the length of the pipe is mentioned.
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Unit IV Centriufugal and reciprocating pump
This document discusses centrifugal pumps and reciprocating pumps. It describes the key parts and working of a centrifugal pump, including the impeller, casing, suction and delivery pipes. The impeller rotates and increases the kinetic energy and pressure of the fluid. Characteristic curves showing variations in head, power and discharge with speed are also explained. For reciprocating pumps, the mechanical energy is converted to hydraulic energy by a piston moving back and forth in a cylinder.
Unit ii Process Planning
This document discusses process planning. It defines process planning as systematically determining how a product will be manufactured economically. The objectives are to prepare instructions for manufacturing a product and its parts along with specifications. Process planning activities include analyzing part requirements, determining operation sequences, selecting equipment, calculating times, and documenting plans. Common approaches are manual and computer-aided process planning (CAPP), which can be retrieval-based or generative.
Unit ii usm
Ultrasonic machining uses abrasive slurry and a vibrating tool to remove small chips of metal from a workpiece. It consists of an oscillator, transducer, tool, and slurry system. The oscillator converts electrical energy to high-frequency mechanical vibrations in the transducer. These vibrations are transmitted to the tool via the transducer cone and tool holder. As the tool vibrates at ultrasonic frequencies, abrasive particles in the slurry remove material from the workpiece through abrasion. The metal removal rate depends on factors like the abrasive grain size, material, slurry concentration, vibration amplitude, and frequency.
Chm & ecm
This document discusses chemical and electrochemical energy based machining processes. It describes chemical machining (CHM) where material is removed through controlled etching, and electrochemical machining (ECM) where material is removed via ion displacement in a chemical solution. Specific processes covered include CHM, ECM, electrochemical grinding (ECG), electrochemical honing (ECH), and electrochemical deburring (ECD). The document provides details on the construction, working principles, and applications of these various chemical and electrochemical energy based machining techniques.
Electrical discharge machining
The document discusses Electrical Discharge Machining (EDM). EDM is a manufacturing process where a desired shape is obtained by removing material from a workpiece using electrical discharges between two electrodes separated by a dielectric liquid. As the distance between the electrodes is reduced, current flows due to dielectric breakdown causing material removal from both electrodes. EDM was invented in the 1940s and has since improved, increasing machining speeds and reducing costs. EDM can machine hard metals and intricate shapes without needing to soften the material. The main components of an EDM system are the power supply, dielectric medium, workpiece and tool electrodes, and servo control unit. Material is removed through the formation and collapse of plasma channels between the electrodes during
Dielectric
1) Dielectric fluids used in EDM must provide an oxygen-free environment for machining, have strong dielectric resistance to prevent electrical breakdown, and ionize during sparking. Common dielectric fluids are kerosene and deionized water.
2) Electrode materials for EDM tools must have high electrical and thermal conductivity for efficient sparking and less tool wear, and high melting points to prevent material removal from the tool. Common materials are graphite, copper, and brass.
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Wjm unit ii
Water jet machining uses high-pressure water to cut soft, non-metallic materials. It works by converting the kinetic energy of the water jet into pressure energy when it strikes the material, inducing stresses that exceed the material's shear strength and loosening small chips. The water jet machining system consists of a pump to pressurize water, which is then accelerated through a nozzle to cut the material. It allows clean, precise cutting without thermal damage and is suitable for cutting intricate contours in materials like paper, plastics, wood and rubber.
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The document discusses abrasive jet machining (AJM). It describes the principle, construction, working, advantages, disadvantages, applications, characteristics and factors affecting the material removal rate in AJM. The key points are:
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2. It consists of a mixing chamber, nozzle, pressure gauge and other components to mix and direct the abrasive particles.
3. AJM can machine intricate shapes without heat or contact, but has a low material removal rate and requires dust collection.
CE 6451 FMM Unit 1 Properties of fluids
Dr. A. Asha
Professor Mechanical Engineering
Kamaraj College of Engineering & Technology, July 2017
MG 6863 FORMULA SHEET ENGINEERING ECONOMICS
Dr. A. Asha
Professor/Mechanical Engineering
Kamaraj College of Engineering & Technology
virudhunagar
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This document discusses value engineering interest formulas and their applications. It begins by defining value analysis and its aims to critically analyze costs and design of components. Different types of values like cost, exchange and use values are explained. Interest formulas for single payment compound amount, present worth amount and uniform gradient series are provided along with examples. The key steps in value engineering procedure are outlined. Effective interest rate calculation is also demonstrated with an example.
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CalArts毕业证学历书【微信95270640】CalArts毕业证’圣力嘉学院毕业证《Q微信95270640》办理CalArts毕业证√文凭学历制作{CalArts文凭}购买学历学位证书本科硕士,CalArts毕业证学历学位证【实体公司】办毕业证、成绩单、学历认证、学位证、文凭认证、办留信网认证、（网上可查，实体公司，专业可靠）
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原版制作(Humboldt毕业证书)柏林大学毕业证学位证一模一样
原件一模一样【微信：bwp0011】《(Humboldt毕业证书)柏林大学毕业证学位证》【微信：bwp0011】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问微bwp0011
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MG 6863 UNIT II MAKE OR BUY DECISION
- 1. UNIT II MAKE OR BUY DECISION By Dr. A. Asha Professor/Mechanical Engineering Kamaraj College of Engineering & Technology Virudhunagar February 2017
- 2. MAKE OR BUY DECISION •It is the determination whether to produce a component internally or to buy it from the outside supplier •The decision is based on the cost. •The cost for both the alternatives should be calculated and the alternative with less cost is to be chosen
- 3. CRITERIA FOR MAKE • The product can be made cheaper by the firm. • The finished product is being manufactured only by limited firms • The part needs extremely close quality control • The part can be manufactured from the existing facilities with experienced operators
- 4. CRITERIA FOR BUY • High investments required for making • Does not have facilities for making. • Skilled workers not available • Demand is either temporary or seasonal • Patents or legal formalities prevent from making the product.
- 5. APPROACHES FOR MAKE OR BUY DECISION •The following are the approaches (1) Simple cost analysis (2) Economic analysis (3) Break Even Analysis
- 6. SIMPLE COST ANALYSIS •It is concerned with finding the actual expenditure incurred on a given product. •Finding the total value of economic resources used to produce a product
- 7. EXAMPLE • A company has been buying a part of machinery for Rs.1000/- each. It has an extra capacity that can be used to produce the same. The annual fixed cost of the unused capacity is Rs.10,00,000/-. If the company decided to make the product it will incur material cost of Rs.350/- per unit, labour cost of Rs 300 per unit and variable overhead cost of Rs 100/- per unit. The future demand is estimated as 5000 units. Which decision is profitable for the company.
- 8. SOLUTION • Given data : 1. Fixed cost : Rs. 10,00,000 2. Labour cost : Rs. 300/unit 3. Material cost : Rs. 350/unit 4. Overhead cost : Rs 100/unit 5. Demand : 5000 units 6. Buying price : Rs. 1000 each
- 9. SOLUTION Cost of making • Total Cost = FC + VC • FC = Rs.10,00,000 • VC/unit = material cost + Labour cost + Overhead cost =300 + 350 + 100 = Rs. 750/unit • Demand = 5000 units • Total Variable cost = 5000 × 750 = Rs. 37,50,000/- • Total cost = FC + VC = 10,00,000 + 37,50,000 = Rs.47,50,000/- Cost of buying : • TC = FC + Buying cost = 10,00,000 + (5000 × 1000) = Rs. 60,00,000/- Decision : Since the cost of making is < cost of buying it is decided to make the product
- 10. ECONOMIC ANALYSIS • The following models are used (a) Purchase model (b) Manufacturing model
- 11. PROBLEM • A part of the machine has a yearly demand of 3000 units. The different costs in respect of make or buy are as given below Details Buy Make Item cost/unit Rs.10 Rs.8.0 Procurement cost/order Rs.150 - Setup cost/setup Rs.80/- Annual carrying cost/year Rs.2.0 Rs.1.50/- Production rate/year - 10,000 units
- 12. SOLUTION Purchase Model D = 3000 Units/Year C0 = Rs.150/order Cc = Rs.2.0/item/year P = Rs. 10/unit Q1 = √ 2𝐶 𝑜 𝐷 𝐶 𝐶 = 670.82 units TC = 3000 x 10 + 3000 x 150/670.82 + 670.82 x2/2 = Rs. 31,341.64
- 13. BREAK EVEN ANALYSIS • Break even analysis implies at a particular point the total revenue = total cost. • A manufacturer of TV buys TV cabinet at Rs 500 each. In case the company makes it within the factory the fixed and variable costs would be Rs.4,00,000 and Rs 300 per cabinet respectively. Should the manufacturer make or buy the cabinet if the demand is 1500 TV cabinet
- 14. SOLUTION •Selling price / unit = Rs. 500/- •Variable cost / unit = Rs. 300/- •Fixed cost = Rs. 4,00,000 •BEP = 4,00,000/(500-300) = 2,000 units Decision : Since the demand is < the BEP the company should buy
- 15. SOLUTION • Manufacturing Model Q2 = √ 2𝐶 𝑜 𝑟 𝐶 𝑐[1− 𝑟 𝑘 ] = 676.12 TC = 3000 x 8 + 3000 x 80/676.12 + 1.5(10,000-3000)676.12/2 x 10000 = Rs. 24,709.93 Decision : Since the cost of making the item is < the cost of Producing it is decided to make the product