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The product cost engineer plays a crucial role in ensuring efficient product design, production processes and cost-effective operations within manufacturing settings. Here are ten important skills that I think every product cost engineer should possess: Technical Competence: Understanding product design, manufacturing processes, manufacturing equipment, and technologies...

There is a certain innocence in numbers. Just like music, they can create a harmony that soothesthe soul. Maybe that’s why some costing professionals don’t stress when performing theircalculations. They put their numbers on the page, and they walk away. No harm, no foul. Theirconscience...

“Those of you familiar with my writings already know my opinion of the accounting concept of depreciation (“the dumbest concept in the history of management accounting”). I’ve been ranting against its use in decision-making since an article of mine on the subject appeared in Management...

“Sunk costs are irrelevant” is a principle stated in almost every book on decision science ever written. Despite this well-accepted principle of decision science, accountants continue to include their company’s biggest sunk cost as a major factor in determining its product, service and process costs....

In earlier blogs, I explained my views about depreciation; both its irrelevance in business decision-making and the way it is treated as a fixed annual cost. An organization does, however, need to provide for the preservation of its existing capital based as it sells products...