Manufacturing Cost Management

What you’ll learn:
Gain a deep understanding of the financial dynamics in manufacturing projects.
Define key cost engineering terms and concepts essential for project cost estimation and control.
Explore the calculation methodologies for machine hourly rates and project-dedicated machine costs.
Analyze and compare costs between automated and manual assembly processes to optimize efficiency and cost-effectiveness.
Learn to break down product costs, both for single components and assembly processes.
Create cost breakdown templates for components and assemblies in excel.

Requirements:
We’ll build up from the basics, so no prior detailed knowledge is needed.

Description:
In this course, you will gain the essential skills needed to effectively manage and optimize manufacturing costs within your organization. Starting with the basics, you will learn to calculate machine hourly rates and assess production capacity, providing a strong foundation for understanding the cost implications of your manufacturing processes.As you progress, you’ll build on this knowledge to explore more advanced concepts, such as calculating overall manufacturing costs, including direct labor and setup costs. By the end of the course, you will have mastered the techniques required to determine company overhead rates and accurately calculate product costs including bill of materials costs and assembly process costs.Additionally, you will learn to identify and evaluate the most cost-efficient technologies and processes for your manufacturing operations. This knowledge is crucial for making informed decisions that can lead to significant cost savings, enhanced productivity, and greater innovation within your manufacturing operations.By the end of this course, you will have a thorough understanding of how to manage and reduce manufacturing costs across all stages of production. Whether you’re a manufacturing professional, financial analyst, or business owner, the skills and knowledge gained from this course will empower you to make strategic decisions that drive cost efficiency, enhance operational performance, and contribute to the overall success of your business.

Who this course is for:
Cost engineers and cost estimators in manufacturing.
Project managers aiming to optimize project costs and improve financial decision-making.
Anyone involved in financial analysis and budgeting within manufacturing environments.
Professionals in manufacturing and engineering fields seeking to enhance their cost management skills.
Students and recent graduates preparing for careers in cost estimation, project management, or financial analysis in engineering sectors.
Procurement officers looking to enhance their skills should focus on mastering negotiations that involve detailed cost breakdowns.
Salespeople in the manufacturing industry who need to determine the optimal sales price for their products.