Let speak about bill of materials in a simple way. Every housewife has her own recipes for pancakes, cookies and other specialties. Using a different kind of flour than specified could mess up the cookies.
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New studies reveal that the cost competitiveness of manufacturing across the globe has shifted. For example, according to the Boston Consulting Group, even though China remains the number one country in terms of manufacturing competitiveness, the manufacturing cost advantage over the U.S. has shrunk to less than 5 percent.
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Knowing manufacturing cost is extremely important in order to offer competitive prices while staying in profit. To complicate the matter, the word cost shelters two different concepts:
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