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Should Costing - Why and How to Perform

Sarjerao Pingale

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20 Min

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This course format through pre-recorded video. You can buy and watch it to learn at any time.

₹ 800

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What you'll learn

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

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Key topics covered

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

Course Details

This course is pre-recorded course


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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Industry domains :

All Domains

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Engineering Disciplines :

Mechanical , Project Management

Course content

1

Introduction :

It an introduction of Should Costing

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2

Application and Objective of Should Costing :

Application and Objective of Should Costing

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3

Costing Elements and Parameters :

Costing Elements and Parameters

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