"Factory cost" is a term used to refer to the total cost of producing a given product at the point of production, such as at a factory. The total factory cost of a product is composed of the labor and materials that actually go into the final product as well as the required overhead...
All a company needs to do to calculate itsinventory valueis to multiply the amount of actual inventory by the standard cost of each item. Because it’s the “standard” cost being used in the calculation, the number won’t be dead on accurate, but it’s likely to be close to the actu...
Definition:An opportunity cost is the economic concept of potential benefits that a company gives up by taking an alternative action. In other words, this is the potential benefit you could have received if you had taken action A instead of action B. What Does Opportunity Cost Mean? Contents[...
The smart factory is an important test site for the real-world application of 5G. Fixed-line still dominates the Industrial Internet, because manufacturers previously relied on wired technology to connect production facilities. However, with 5G, wireless technology is not only more suitabl...
From using AI to optimize your inventory distribution to using more cost-efficient methods of production on the supply side, finding the right technology can be a boon for your bottom line. Find the right partners Logistics is a huge investment—maybe the biggest for an ecommerce business. Find...
Generative AI technology is still in its early stages, as evidenced by its ongoing tendency to hallucinate and the continuing search for practical, cost-effective applications. But regardless, these developments have brought AI into the public conversation in a new way, leading to both excitement an...
The sunk cost fallacy is a psychological barrier that ties people to unsuccessful endeavors simply because they've committed resources to it. 沉没成本谬误是一种心理障碍,它将人们与不成功的努力联系起来,仅仅是因为他们已经投入了资源。 Examples of sunk costs include salaries, insurance, rent, nonrefundab...
A utility bill documents the cost of an essential home service, like electricity, water and gas. Learn the average cost, how to save money and where to find help.
Fixed costs are expenditures that do not change based on sales (or lack thereof). They are set expenses the business has committed to that are not tied to production volume.
Industry 4.0 is the realization of digital transformation in the field, delivering real-time decision making, enhanced productivity, flexibility and agility.