cost management
The process of planning, monitoring and adjusting the expenses and revenues of a business in order to achieve cost efficiency and capability.
Manufacturing cost estimators collect and analyse data to evaluate the money, materials, labour and time required for manufacturing processes. They conduct analyses to identify (alternative) cost effective technical designs and production processes. They develop and use methods and tools for cost planning, controlling and analysis. They also perform quantitative and qualitative risk analyses and report on the development of costs.
Competences and skills
34 ESCO relationsEssential knowledge 3 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceCross-sector
2 competencesmanufacturing processes
The steps required through which a material is transformed into a product, its development and full-scale manufacturing.
mathematics
Mathematics is the study of topics such as quantity, structure, space, and change. It involves the identification of patterns and formulating new conjectures based on them. Mathematicians strive to prove the truth or falsity of these conjectures. There are many fields of mathematics, some of which are widely used for practical applications.
Essential skills and competences 8 competences
Occupation specific
1 competencemonitor production costs
Monitor the costs of each department during each production phase to make sure they are within budget.
Sector-specific
1 competencecalculate design costs
Calculate design costs to make sure the project is financially viable.
Cross-sector
6 competencesassess financial viability
Revise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Assess if the agreement or project will redeem its investment, and whether the potential profit is worth the financial risk.
assess operating cost
Estimate the operating cost in terms of manpower, consumables and maintenance.
calculate production costs
Calculate the costs for every production stage and department.
execute analytical mathematical calculations
Apply mathematical methods and make use of calculation technologies in order to perform analyses and devise solutions to specific problems.
liaise with engineers
Collaborate with engineers to ensure common understanding and discuss product design, development and improvement.
provide cost benefit analysis reports
Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.
Optional knowledge 2 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceproject management
The discipline of project management, the activities which comprise this area and the variables implied in it, such as time, resources, requirements, deadlines, and responding to unexpected events.
Cross-sector
1 competenceinternational business
The processes related to production or distribution of goods and services across borders.
Optional skills and competences 21 competences
Occupation specific
1 competenceevaluate cost of software products
Apply methods and techniques to estimate and evaluate the cost of software products during their life-cycle phases, including development and acquisition costs, cost of maintenance, incorporated cost of quality-compliance and non-compliance associated costs.
digital
Sector-specific
3 competencesensure cost efficiency in food manufacturing
Ensure that the whole process of food manufacturing from receipt of raw materials, production, to food manufacturing and packaging processes is cost-effective and efficient.
estimate restoration costs
Estimate the cost implications of restoring and replacing products or parts.
identify process improvements
Identify possible improvements to operational and financial performance, in order to increase productivity, efficiency, quality, and streamline procedures.
Cross-sector
17 competencesaccurately estimate work hours
Assess the necessary work hours, equipment, and skills required to successfully complete a task.
advise on risk management
Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
analyse business plans
Analyse the formal statements from businesses which outline their business goals and the strategies they set in place to meet them, in order to assess the feasibility of the plan and verify the business' ability to meet external requirements such as the repayment of a loan or return of investments.
analyse production processes for improvement
Analyse production processes leading toward improvement. Analyse in order to reduce production losses and overall manufacturing costs.
calculate materials to build equipment
Determine the amount and the kind of materals necessary to build certain machines or equipment.
control of expenses
Monitor and maintain effective cost controls, in regards to efficiencies, waste, overtime and staffing. Assessing excesses and strives for efficiency and productivity.
estimate costs of required supplies
Evaluate the amounts and costs of required supplies such as of food items and ingredients.
estimate duration of work
Produce accurate calculations on time necessary to fulfil future technical tasks based on past and present information and observations or plan the estimated duration of individual tasks in a given project.
forecast production quantities
Determine the most adequate production levels of products according to forecasts and analysis of historic consuming trends.
manage budgets
Plan, monitor, report on the budget and prepare set production budgets.
monitor production developments
Monitor parameters to keep an eye on the production, developments and costs within your area of control.
perform cost accounting activities
Execute the cost related activities and operations within the accounting activities such as standard cost development, average pricing analysis, margin and cost ratio analysis, inventory control, and variance analysis. Report the results to management and advise on possible courses of action to control and reduce the costs.
perform project management
Manage and plan various resources, such as human resources, budget, deadline, results, and quality necessary for a specific project, and monitor the project's progress in order to achieve a specific goal within a set time and budget.
research
prepare cost-plus pricing models
Make up cost and pricing models on a regular basis by taking into account the cost of materials and supply chain, personnel and operating costs.
read assembly drawings
Read and interpret drawings listing all the parts and subassemblies of a certain product. The drawing identifies the different components and materials and provides instructions on how to assemble a product.
read standard blueprints
Read and comprehend standard blueprints, machine, and process drawings.
synthesise financial information
Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.