Supply Chain Glossary - C

Supply Chain Glossary - C

cost element

In activity-based cost accounting, the lowest subdivision of a resource, activity, or cost object.

An engineer whose judgment and experience are used in the application of scientific principles and techniques to problems of cost estimation and cost control in business planning, profitability analysis, project management and production planning, scheduling, and control.

1) Specification of the relationship between cost and the underlying cost drivers. (2) In project management, creating an approximation of the resources and associated costs needed to complete a project.


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