At some point, every production company needs to start using manufacturing software (i.e. an MRP system). It is very likely that by that time accounting software is already in use, but it has ceased to satisfy needs – it does not supply the necessary answers and restrains the growth of the business. Therefore, a decision is made to start […]
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What is product cost? It’s important to know the manufacturing cost of your products. This is one of the most significant and defining factors in any manufacturing business. The sales price is the value the company receives for making the product. The key question is – at what cost does this come? If the cost […]
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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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