Manufacturing Cost Estimator Business & Administration Professionals
SaveWhat Does a Manufacturing Cost Estimator Do?
Manufacturing cost estimators collect and analyse data to evaluate the money, materials, labour and time required for manufacturing processes. They conduct analyses to identify (alternative) cost effective technical designs and production processes. They develop and use methods and tools for cost planning, controlling and analysis. They also perform quantitative and qualitative risk analyses and report on the development of costs.
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Cost Management
The process of planning, monitoring and adjusting the expenses and revenues of a business in order to achieve cost efficiency and capability.
These are common skills for this role, based on a European framework. Requirements vary between jobs, including in the UK. Real-world experience matters more than ticking every box - use this as a guide, not a checklist.
Skills You Need to Become a Manufacturing Cost Estimator
Essential Skills
Essential Skills
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EssentialCost Management knowledge
The process of planning, monitoring and adjusting the expenses and revenues of a business in order to achieve cost efficiency and capability.
No book recommendations available yet.
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EssentialManufacturing Processes knowledge
The steps required through which a material is transformed into a product, its development and full-scale manufacturing.
No book recommendations available yet.
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EssentialMathematics knowledge
Mathematics is the study of topics such as quantity, structure, space, and change. It involves the identification of patterns and formulating new conjectures based on them. Mathematicians strive to prove …
No book recommendations available yet.
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EssentialAssess Financial Viability skill
Revise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Assess if …
Course recommendations coming soon.
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EssentialExecute Analytical Mathematical Calculations skill
Apply mathematical methods and make use of calculation technologies in order to perform analyses and devise solutions to specific problems.
Course recommendations coming soon.
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EssentialProvide Cost Benefit Analysis Reports skill
Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project …
Course recommendations coming soon.
Optional Skills (5 of 15 displayed)
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OptionalProject Management knowledge
Understand project management and the activities which comprise this area. Know the variables implied in project management such as time, resources, requirements, deadlines, and responding to unexpected events.
Recommended Books
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OptionalAdvise On Risk Management skill
Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
Course recommendations coming soon.
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OptionalAnalyse Production Processes For Improvement skill
Analyse production processes leading toward improvement. Analyse in order to reduce production losses and overall manufacturing costs.
Course recommendations coming soon.
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OptionalControl Of Expenses skill
Monitoring and maintaining effective cost controls, in regards to efficiencies, waste, overtime and staffing. Assessing excesses and strives for efficiency and productivity.
Course recommendations coming soon.
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OptionalEstimate Duration Of Work skill
Produce accurate calculations on time necessary to fulfil future technical tasks based on past and present information and observations or plan the estimated duration of individual tasks in a given …
Course recommendations coming soon.
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OptionalLiaise With Engineers skill
Collaborate with engineers to ensure common understanding and discuss product design, development and improvement.
Course recommendations coming soon.
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OptionalManage Budgets skill
Plan, monitor and report on the budget.
Course recommendations coming soon.
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OptionalPerform Cost Accounting Activities skill
Execute the cost related activities and operations within the accounting activities such as standard cost development, average pricing analysis, margin and cost ratio analysis, inventory control, and variance analysis. Report …
Course recommendations coming soon.
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OptionalPerform Project Management skill
Manage and plan various resources, such as human resources, budget, deadline, results, and quality necessary for a specific project, and monitor the project's progress in order to achieve a specific …
Course recommendations coming soon.
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OptionalRead Assembly Drawings skill
Read and interpret drawings listing all the parts and subassemblies of a certain product. The drawing identifies the different components and materials and provides instructions on how to assemble a …
Course recommendations coming soon.
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OptionalRead Standard Blueprints skill
Read and comprehend standard blueprints, machine, and process drawings.
Course recommendations coming soon.
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OptionalSynthesise Financial Information skill
Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.
Course recommendations coming soon.
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OptionalAccurately Estimate Work Hours skill
Assess the necessary work hours, equipment, and skills required to successfully complete a task.;
Course recommendations coming soon.
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OptionalCalculate Materials skill
Determine the amount and the kind of materials necessary to build certain machines or equipment.
Course recommendations coming soon.
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OptionalPrepare Cost-plus Pricing Models skill
Make up cost and pricing models on a regular basis by taking into account the cost of materials and supply chain, personnel and operating costs.
Course recommendations coming soon.