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Product Cost Engineering

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Generate accurate costs for negotiations with your customer or supplier.

Companies are under increasing pressure to bring out new products, having more features, to market faster and faster with adequate profit margin. Errors in product costing estimates will reduce or eliminate all profits or lose business to competitor due to non-competitive bid and industry practice of target costing often leads to sub optimal solutions. This course will discuss various cost models their advantages and disadvantages and will introduce the concept of what “Should” be the product cost.

LEARNING OBJECTIVES

  • Product cost elements
  • Difference between “Target” cost vs. “Should” cost
  • Analytical methods related to individual cost element estimation
  • Elemental vs. Parametric approaches of cost modelling favored by Automotive and Aerospace industries respectively

PROGRAM OVERVIEW

The course will focus on hands-on training, getting results, and understanding the concepts of cost modeling. You will learn how to manage the product cost estimation function to generate accurate costs for negotiations with your customer or with your supplier.

LAPTOP REQUIRED FOR ATTENDANCE
Participants will receive a license for a cost modelling software and will use the software for in-class exercises. 

WHO SHOULD ATTEND

Industry practitioners working in:

  • Product Design
  • Product Costing
  • Project Management
  • Sales
  • Purchasing – Commodity & Category Buyers
  • Finance/Accounting

Industry sectors:

  • Automotive
  • Aerospace
  • General Manufacturing
  • Consumer Goods (esp. Garment Industry) where cost pressure is significant

INSTRUCTIONAL TEAM

Prakash Sathe

Prakash Sathe, PhD

  • Lead Faculty
  • Lecturer, Industrial & Operations Engineering
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