Description
Title: A Product Life Cycle Cost Management Model Using the Spartan Multimedia Shooting Training System as an Example
Abstract:Cost management is a procedure that helps to boost productivity, which affects the final product. New concepts for measuring and valuing product manufacturing costs are combined with data generated by the ost accounting system to create comprehensive cost management. On the basis of the SPARTAN system as an example, this paper discusses the product life cycle costing (LCC) method and the target cost method as concepts used in cost management. SPARTAN is a stationary training system created to instruct, supervise, and assess small-arms sighting and shooting techniques. The life cycle cost (LCC) method refers to the estimated cost of a product’s life cycle (in this case, the SPARTAN system), which is calculated as the sum of the costs for acquisition, ownership, and operation. The results of the LCC analysis were obtained after accounting for acquisition, ownership, and operation costs. They demonstrate that, when considering the total life cycle cost, it will be more profitable to purchase the modernized version of the SPARTAN system despite its higher acquisition costs.
Keywords: life cycle costing; cost management; target costing; shooting training system
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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