Syllabus - Estimation and Costing (IP-504 (C))

Introduction to Estimating and Costing

Estimating-Definition, estimating, aims, functions, organization of estimating department, qualities of estimator, constituents of estimation, profit costing- definition, aims of costing, standard cost, advantage of standard cost. Difference between estimating & costing, procedure for costing, costing methods, cost control- how to control costs, control on indirect material and tools, advantages of efficient costing. importance of

Elements Of Costs

Elements of costs- material, labour costs, expenses, direct costs, Material costing- introduction, cost of material, control over material cost, waste control, valuation of material issued from stores, indirect costs, factory expense, administrative expenses, selling & Distribution expenses. Fixed& variable overheads, components of cost- selling price, allocation of on cost percentage on prime cost, direct labour cost, Labour costing-introduction, objectives of labour costing, wages & incentives, direct material cost, man hour rate, machine hour rate, machine hour rate, combination of man hour & machine hour rate, unit rate method, examples of on costs. Value analysis, simplification, standardization, rationalization.

Mensuration

Areas of plane figures, areas of irregular figures, volumes & surface areas of solids, Guldinus rules- estimation of surface area & volume of solids of revolution.

Estimation of Various Manufacturing Processes

A. Estimation in machine shop:speed, feed, depth of cut, lathe operations- turning, knurling, facing, Cutting drilling, boring, reaming, threading, tapping,. Milling operations- cutting, facing. Grinding operations- surface grinding, cylindrical grinding, shaping & planning, power consumption. B. Estimation in Sheet metal shop: Operations in sheet metal shop, blank layouts, estimation of time, capacity for power process. C. Estimation in Forging shop:Forging- hand forging, machine forging, forging operations, estimation procedure, and estimation of weight, losses & time. D. Estimation in Welding shop:Types of welding joints, estimation of welding cost. Estimation of gas cutting cost, estimation of arc welding cost, factors affecting welding cost. E. Estimation in pattern making & foundry shops:Estimation of pattern cost, Estimation of foundry shop. Foundry cost.

Cost Accounting, Cost Control And Cost Reduction

Important terms, cost accounting, standard costing, procedure for costing, costing methods, cost control, techniques of cost control. Cost reduction,cost saving areas, variance analysis.