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Labor costs are direct costs, that is, they can be identified among the total cost and assigned to a certain cost objective. [1] Labor costs are defined by categories (e.g. service labor or manufacturing labor), the attribution of a labor rate for each category, and a certain number of labor hours. [1]
The work breakdown structure provides a common framework for the natural development of the overall planning and control of a contract and is the basis for dividing work into definable increments from which the statement of work can be developed and technical, schedule, cost, and labor hour reporting can be established.
A Standard Cost Coding System is a system of cost classification that can be used for benchmarking cost and quantities data. In the Norwegian oil and gas industry, NORSOK Z-014 developed as part of the NORSOK standards. ISO is also developing a Standard Cost coding System as an extension of NORSOK Z-014 under ISO 19008. [1]
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Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.
Following strong initial uptake, ABC lost ground in the 1990s compared to alternative metrics, such as Kaplan's balanced scorecard and economic value added.An independent 2008 report concluded that manually driven ABC was an inefficient use of resources: it was expensive and difficult to implement for small gains, and a poor value, and that alternative methods should be used. [4]
Create master structure Summation of the relationships of the items (parts, subassemblies, assemblies) resembles in a master structure. Documenting: Link product definition: Documents that describe the parts are pointed out from the product structure. This allows the user to easily find a document of the correct revision. Define product ...
Cost–utility analysis (CUA) is a form of economic analysis used to guide procurement decisions. The most common and well-known application of this analysis is in pharmacoeconomics , especially health technology assessment (HTA).