Cost estimation: Importance and aims of cost estimation - functions of estimation -
difference between estimating and costing - importance of preparing realistic
estimates - estimating procedure.
Elements of cost, Objectives - elements of costs - ladder of cost - determination of
material cost - labour cost - expenses.
Analysis of overhead expenses, Distribution of overhead costs – depreciation -
causes of depreciation - methods of calculating depreciation.
Estimation of machining time, Calculation of machining time for lathe operationsestimation of drilling time on drilling machine - estimation of time for shaping, planning,
milling and grinding.
Costing for metal forming and fabrication processes, Estimation of cost in weldingestimation in forging shop - cost estimation of foundry work.