Meaning of standard cost estimating
A Cost Estimating Method of applying and adjusting Standard estimates for machine setup and run time to each manufacturing operation or process which is required to fabricate parts, assemble them into a whole unit, and functionally test the completed unit. The standard Estimates are developed from studies of Historical Cost Data, or combinations of these Costs with time and motion studies conducted by Industrial Engineering organizations. Standard estimates are used to develop Direct Labor costs and other kinds of manufacturing Cost Elements, and for such other work as the preparation of technical publications, manuals, or handbooks. Standard Cost estimating is usually utilized on parts, assemblies, or End Items when the Design is complete, drawings are available, and production planning of the manufacturing operations required to build the items is complete. Adjustments can be made to the standards estimates for "variances" in worker Efficiency, anticipated shop loading, and other factors which might be predicted and which would increase or decrease the estimates. Also standard cost estimating.
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