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Understanding on Product costing - From Engineer's point of view

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2 hrs
Next month
English
1733 views
Ashok Khopkar
Ashok KhopkarConsultant
  • 7-day money-back guarantee
  • Session recordings included
  • Foundational Learning
  • Access to Study Materials

Why enroll

  1. Parameters required for costing and their source 

  2.  Which parameters are from engineering department  

  3. Importance of calculating Machining/Process time   

  4. Importance of Machine / Equipment hour rate 

  5. Making a cost sheet in simple format 

  6. Need to update cost sheet, dynamic costing 

  7. Intro to Should costing, Will costing

Is this course for you?

You should take this if

  • You work in Energy & Utilities
  • You're a Mechanical Engineering professional
  • You prefer live, instructor-led training with Q&A

You should skip if

  • You need a different specialisation outside Mechanical Engineering
  • You need fully self-paced, on-demand content

Course details

This course helps in understanding the process of manufacturing cost calculation of products manufactured using various types of machine tools.

This knowledge is very essential for all who are associated with manufacturing activities in any capacity, Viz 

Persons whose job function covers product costing 
Engineers responsible for production related activities
Purchase / vendor development engineers
Middle level managers responsible for day to day smooth operation of manufacturing activities within budgeted costs.
Fresh engineers looking for job. This course will improve their employability.
Owners / Directors of small scale industries
Final year students of engineering colleges.  
Persons planning for start up
All those who understand importance of costing
This knowledge will further help in cost analysis and possibility of cost reduction improving marketability of their products. Suggestions for cost reduction without hampering quality are always welcome by companies and are rewarded directly or indirectly like more responsible positions, higher remunerations. It will help middle level managers to reduce wastage of anything since they can visualise the wastage in terms of money.
Capability of justifying cost benefits of your actions is always a winning factor in industry, because running an industry is an economic activity. A person who can estimate cost of various activities involved in product making, becomes a decision maker. That means higher responsibility, higher position, higher remuneration.
 A series of related courses are conducted regularly for imparting in-depth knowledge of each step of product costing process . This course will explain the importance of knowing this subject in more depth.

Course suitable for

Key topics covered

  • Why is costing required 

  • Which products need it 

  • When is it done 

  • Whose responsibility is it 

  • What role engineers play 

  • How accurate can it be 

  • What is the step by step process

  • Who provides the data


Opportunities that await you!

Career opportunities

Training details

This is a live course that has a scheduled start date.

Why people choose EveryEng

Industry-aligned courses, expert training, hands-on learning, recognized certifications, and job opportunities-all in a flexible and supportive environment.

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Questions and Answers

A: Carbon steel looks attractive on purchase price, and many engineers anchor on dry hydrogen service. The break happens at startup: moisture plus oxygen pushes you into corrosion and iron pickup that violates the purity spec, driving hidden OPEX. Cr-Mo steels feel like a middle ground, but they're selected for high-temperature hydrogen attack, not low-temperature contamination control, so you're paying for the wrong risk. Aluminum reduces weight, sure, but hydrogen compatibility and permeation issues make downstream cleanup more expensive. The stainless option costs more up front, yet it stabilizes purity and avoids recurring product losses that dominate lifecycle cost.

A: It's tempting to jump to power consumption, because compressors are visible cost drivers, but the immediate hit is recovery. Tighter purity forces longer purge or shorter adsorption, dumping more hydrogen to tail gas. The market price argument mixes revenue with production cost, which accountants love but doesn't help your unit cost calculation. PSA beds don't magically adapt; without retuning cycles, separation physics works against you. The first-order effect is lost product, not kWh.

A: Neglecting efficiency gives a number that feels clean and reassuring, but it undercounts real shaft work, which is why the 0.02 USD/kg looks seductive and wrong. Jumping to adiabatic compression without intercooling inflates the work and lands you near 1.5 USD/kg, a mistake borrowed from high-pressure air systems. Using nameplate power ignores actual pressure ratio and flow; it's how cost models get padded accidentally. The isothermal calculation with efficiency lands in the few tenths of a dollar range, matching real hydrogen compression projects.

A: The tag prefix is the quiet clue. Treating XV as on-off drops the actuator, positioner, and I/O, which silently guts your cost estimate. Assuming all hydrogen valves are forged stainless feels safe, but material is usually specified elsewhere, not by the tag. Installation labor barely shifts between valve types, so that's not where the miss is. Maintenance is affected by hydrogen, but that's a second-order effect compared to misclassifying the valve function on day one.