PKSC 4300: Econ 4 Exam
What is the first step when finding out the machine cost?: finding out what is required
in each job and the waste associated with each
What are the two major components of the machine cost?: material cost and time
what are the two methods for tracking time?: 1) Effective time method
2) Detailed time report method
Describe the effective speed method: - for costing and estimating
removes unnecessary details
Describe detailed time report method: - for management and troubleshooting
includes more details
What is the equation for effective speed?: total feet produced / total time assigned to the job
assume that a new piece of business will take the same amount of time as existing similar business
How to find the machine cost?: machine cost = machine rate per hour x hours used
1
What is the first step when finding out the machine cost?: finding out what is required
in each job and the waste associated with each
What are the two major components of the machine cost?: material cost and time
what are the two methods for tracking time?: 1) Effective time method
2) Detailed time report method
Describe the effective speed method: - for costing and estimating
removes unnecessary details
Describe detailed time report method: - for management and troubleshooting
includes more details
What is the equation for effective speed?: total feet produced / total time assigned to the job
assume that a new piece of business will take the same amount of time as existing similar business
How to find the machine cost?: machine cost = machine rate per hour x hours used
1
