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Cost concepts full topic

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These notes provide a detailed exploration of fundamental cost concepts, starting with the definition of cost. They cover fixed and variable costs with their types, as well as direct and indirect costs. The notes explain manufacturing costs and non-manufacturing costs, including their various types...

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  • August 17, 2024
  • 14
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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ENGINEERING COSTS
CONCEPTS
AND
COST ESTIMATING
MODELS
• Engineering Economy, William G. Sullivan, Elin M. Wicks, C.
Patrick Koelling; chapter 2 & 3
• Engineering Economic Analysis, Donald G. Newnan, Ted G.
Eschenbach, Jermo P. Lavelle; chapter 2

, What is COST? - All expense are costs

COST is an amount of cash that has to b
paid in order to get something.


In production, a cost is amount of cash
that has been used to produce a commod
or deliver a service.

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