Appropriate Costing Systems And Techniques For Specific Engineering Business Functions

1515 words - 6 pages

It has always been important for organisations to be able to estimate and control their costs properly, but it is particularly so today. In the commercial domain there has been a marked tendency towards increased competition with international trade restrictions being reduced or removed and the question of competitiveness having to be considered on a global rather than simply on a local, national or regional scale. In the public domain also, consideration of cost is also assuming much greater importance with the tightening of budgets and changing budget priorities, together with the general expectation that there should be better value for money from public expenditure.Stated simply, all estimating depends to a greater or lesser degree on past experience or knowledge. We can therefore repeat the adage of the Chinese philosopher, Confucius, who advised that you should 'study the past if you wish to predict the future'.Broadly speaking, there are four main approaches to the process of cost estimation:The first is the bottom-up or detailed estimate, which is widely used by organisations to build up an estimate from task or work-package level. The number of hours needed for each category of labour, with its appropriate hourly rate, is assessed and a detailed assessment made of the non-labour resources required. This is the most time-consuming and costly approach, requiring a very detailed knowledge of the organisation. However, it is usually necessary for internal planning purposes and, not least, to enable the organisation to comply with customer requirements to present detailed cost estimates down to work-package level. Finally, this level of detail is also usually necessary for cost-control purposes after contract award. Such estimates are usually made by the engineers nominated to perform the work, often overseen by professional estimating services to check for consistency.The second method, which can be described as a 'rule of thumb' approach, also relies on the expert judgement of engineers familiar with the tasks being estimated. The experience accumulated by an engineer can constitute a large but unstructuredknowledge base from which to assess the resources needed for a specific task. This experience is then often translated into 'rules of thumb' which are applied by the engineer for a rough sizing of costs. The creation of these 'rules of thumb' does not always follow a systematic process, but the technique is extensively used.The third estimating approach uses the principle of analogy. This process is similar to the sort of expert judgement described above, but it relies extensively on the degree of similarity of the task to some existing or past task. It requires the collection of source information by the estimator for these analogous elements (usually stored in a computer database) and then comparison with the new task or item to be estimated. The effectiveness of this method depends heavily on an ability to identify correctly...

Find Another Essay On appropriate costing systems and techniques for specific engineering business functions

Information Systems and e-Business Essay

2021 words - 8 pages -making. This division of BIS into operational and management systems, mainly with increased use of inter-organizational e-commerce and electronic data interchange (EDI). For example, e-business systems and enterprise resource planning systems cut across both operational and management systems to offer business with more incorporated information system (Hardcastle, 2011). E-business originally coined by Lou Gerstner, is the using of internet

Interventions and Treatments for Specific Phobias

2309 words - 9 pages (DSM-V, 2013). Specific phobias also create a risk of developing other anxiety disorders, substance-related disorders, and personality disorders (DSM-V, 2013). Treatments There is a wide variety of treatments available for individuals with specific phobias (Jongh et al., 2002). LeBeau et al. (2010) believe that an individual must consider and evaluate the different treatments available to determine which one is appropriate for their specific

The case for and against genetic engineering

962 words - 4 pages The case for and against genetic engineering I will look at the case for and against the use of genetic engineering and make a conclusion on whether or not I believe that it is right. As I believe in genetic engineering, I will start buy looking at the reasons that support it. The main reason that I support genetic engineering is that this technology has dramatically improved our ability to treat and even cure

Comparing and Contrasting The Five Business Functions in Saudi Arabia

3025 words - 12 pages recruitment.The second business function we will consider is Marketing Function. Hadeed does not deal with individual as a consumer, but nature of its business is business-to-business relation. Hadeed has specific customers deal with them through long term contracts. Their marketing department is responsible for the worldwide sales and marketing of its steel. Also Hadeed promote itself in Saudi society by some social and cultural activities by

Networked Applications, Notes from Business Data Communication CSI120, describes applications used for networking ther functions, benefits, and how they work. (download document for ease of reading)

3068 words - 12 pages functions         Two core e-commerce functions Shopping cart for holding goods Check out when buyer has finished shopping Most merchandiser use e-commerce software Including cart maintenance and check out capabilities, and payments Customer Relationship Management (CRM) Many firms use CRM software T examines customer data to understand the preferences of their customers. This allows a company to tailor presentations and specific market offers

This is description of my visit to the Narmada Valley in India, it discusses the implications of sustainable development, appropriate technologu and small dams in this specific context.

2502 words - 10 pages . In the Narmada Valley too, groups of villages have got together and built small dams about 5 to 10 mts in height out of entirely natural substances like gravel and soil to facilitate ground water recharging. We saw wonderful micro-hydel projects, costing around Rs. 15,000 to install, where a small pool of water generates four hours of electricity for 17 houses per day. There are schools which obtain lighting through 11- watt CFL bulbs, pedalling

"The past is a different country. They do things differently there" Is this an appropriate comment concerning medical history? Give some specific examples from tutorials and lectures.

3116 words - 12 pages notions about diagnostic techniques that are considered either absurd or not applicable for applications in the contemporary world. Early diagnostic techniques for example included a weigh bridge to measure the intake and the outtakes of a person to ensure that the person is 'in balance'.There had been major scepticism during the 17th Century, about the use of compound microscopes, although they were available. Some of this sceptics was carried

Relevance of Quality Assurance (QA) systems to civil and environmental engineering. Need, Benefits, Common standards.

2052 words - 8 pages productivity levels, and simultaneously to lower costs for repair and reworking. That depends on the engineer's ability. Consequently we understand the relevance of Quality Assurance systems within general engineering. Reduction in costs can allow the setting of lower, more competitive prices on the end-product or service, which proves that investment in process quality does not necessarily mean higher prices for the process output. But even if price

Id the Old Man and the Sea and appropriate book for a high school reading list

936 words - 4 pages Untitled The Old Man and the Sea Giving high school students good, comprehensive literature is one of the most important jobs of an English curriculum. Classical literature does an excellent job of providing students with these requirements, but occasionally the text can be too complicated for high school students to comprehend. Ernest Hemingway's classic novel, The Old Man and the Sea does a great job of presenting its

An analysis of strategic role of information systems, specific social, ethical and legal issues, IT infrastructure and emerging technologies, and information systems security within FedEx Corporation

5469 words - 22 pages corporate mission statement includes the following aspects: Produce superior financial returns for its shareholders by providing high value-added supply chain, transportation, business and related information services; customer requirements will be met in the highest quality manner appropriate to each market segment served; FedEx will strive to develop mutually rewarding relationships with its employees, partners and suppliers; safety will be

Business Ethics and Value Systems- Ethics in Corporate America.

2625 words - 11 pages Ethics in Corporate AmericaBusiness Ethics and Value SystemsWinter 2002What turns a "fired up" professional into a "burned out" employee? If you ask a young engineer what is the role of engineering, you'll get an answer like "improving people's lives by solving real world problems." If you ask that same engineer the same question after they've been on the job for about fifteen years, you'll get a more mature perspective: "improving the company's

Similar Essays

Systems Engineering For Aircraft Manufacturing Essay

1759 words - 7 pages are required in traditional engineering fields such as Automotive Engineering. The application of systems engineering is one of the areas that an aerospace engineer should be proficient. The knowledge of systems engineering to the design of aircraft can be useful in areas such as the design of aircraft that have low fuel consumption and the design of military aircraft for combat missions (Massachusetts Institute of Technology, 1). Since the 1950s

Skills, Techniques And Strategies For Effective Business Negotiation.

784 words - 3 pages Abstract:Whether it's with an employer, family member or business, we all negotiate for things each day like higher salary, better service or solving a dispute with a coworker or family member. Here are some negotiation skills, techniques and strategies to help you handle these situations more effectively.Key words: skills techniques strategiesSkills Techniques and Strategies.1. Know Thyself:When you go into a business negotiation, take a

Appropriate Care For Children And Pediatric Compliance

659 words - 3 pages are unable to provide appropriate care for their child include financial capability of accessing the supplies needed to carry out treatments, the difficulty of treatment, the education level of caregivers to understand methods of care, the physical and emotional toll that providing care has on the family, and the amount of support family members have for caring for their child. Including at least two of the following methods tends to help nurses

Warning Systems And Prevention Techniques Of Tsunamis

1259 words - 5 pages as well as loss of property. The TWS has a tsunami detecting network of sensors and an alarming system which provides time to evacuate the coastal areas and other areas that are in risk of being hit by the wave. The warning systems have sensors which pick up seismic waves and the earthquake is immediately detected by seismologists because the seismic waves travel with the speed of 14,400 km/h, which gives time for possible tsunami warning because