Manufacturing organizations typically use traditional costing as a method of determining what it costs to make products. It combines an actual cost with a factor to calculate how to allocate indirect ...

Process costing and operational costing systems are used in accounting, usually in relation to the manufacturing sector. Both refer to the costs of production, but they differ in terms of methodology ...

DEFINITION: Whole life costing takes into account the total cost of a product or service over its lifetime, from design until disposal. The cost can be measured in terms of money, or in environmental ...