Design Costing Engineer Interview Questions and Answers

The target for stamping cost for minimum tonnage is typically set based on the material, complexity of the part, and production volume.

• Consider the material cost and type of material being used for stamping.

• Evaluate the complexity of the part being stamped, as more complex parts may require higher tonnage and therefore higher costs.

• Take into account the production volume, as higher volumes may allow for economies of scale and lower costs per part.

• Utilize cost estimation tools...read more

Factors to consider for costing include materials, labor, overhead, profit margin, and market demand.

• Materials cost - consider the cost of raw materials needed for production

• Labor cost - factor in the cost of labor required to manufacture the product

• Overhead cost - include overhead expenses such as utilities, rent, and equipment maintenance

• Profit margin - determine the desired profit margin for the product

• Market demand - assess the demand for the product to set pricing accord...read more

Costing is the process of estimating the expenses involved in the design and production of a product.

• Costing involves analyzing all the components and processes required to manufacture a product

• It includes materials, labor, overhead costs, and any other expenses

• Costing helps in determining the selling price of a product and ensuring profitability

• Costing can vary based on the complexity of the design and the quantity of products being produced

Other costs are indirect costs that cannot be directly traced to a specific product or service.

• Other costs include overhead expenses such as rent, utilities, and administrative salaries.

• These costs are necessary for the overall operation of the business but are not directly tied to a specific product.

• Other costs are typically allocated to products or services based on a predetermined allocation method.

• Examples of other costs include depreciation, insurance, and advertising ex...read more

Process cost can be calculated by summing up all the costs incurred during the production process.

• Identify all costs incurred during the production process, including direct materials, direct labor, and overhead costs.

• Sum up the costs to get the total process cost.

• For example, if direct materials cost $500, direct labor cost $300, and overhead cost $200, the process cost would be $1000.