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An activity-based-parametric hybrid cost model to estimate the unit cost of a novel gas turbine component

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  • Langmaak, Stephan
  • Wiseall, Stephen
  • Bru, Christophe
  • Adkins, Russell
  • Scanlan, James
  • Sóbester, András

Abstract

The first tool presented in this paper is a generic factory cost model that can estimate various costs at multiple levels of any manufacturing plant. The model is activity-based which means that the cost of each manufacturing operation is calculated and then summed up so that the true £-per-hour factory cost rate as well as the exact unit cost (i.e. manufacturing cost) of an unlimited number of different components can be estimated.

Suggested Citation

  • Langmaak, Stephan & Wiseall, Stephen & Bru, Christophe & Adkins, Russell & Scanlan, James & Sóbester, András, 2013. "An activity-based-parametric hybrid cost model to estimate the unit cost of a novel gas turbine component," International Journal of Production Economics, Elsevier, vol. 142(1), pages 74-88.
    • Handle: RePEc:eee:proeco:v:142:y:2013:i:1:p:74-88
    DOI: 10.1016/j.ijpe.2012.09.020
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    References listed on IDEAS

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    1. Spedding, T. A. & Sun, G. Q., 1999. "Application of discrete event simulation to the activity based costing of manufacturing systems," International Journal of Production Economics, Elsevier, vol. 58(3), pages 289-301, January.
    2. Qian, Li & Ben-Arieh, David, 2008. "Parametric cost estimation based on activity-based costing: A case study for design and development of rotational parts," International Journal of Production Economics, Elsevier, vol. 113(2), pages 805-818, June.
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    Cited by:

    1. Patra, Pradipta & Kumar, U. Dinesh & Nowicki, David R. & Randall, Wesley S., 2019. "Effective management of performance-based contracts for sustainment dominant systems," International Journal of Production Economics, Elsevier, vol. 208(C), pages 369-382.
    2. Loyer, Jean-Loup & Henriques, Elsa & Fontul, Mihail & Wiseall, Steve, 2016. "Comparison of Machine Learning methods applied to the estimation of manufacturing cost of jet engine components," International Journal of Production Economics, Elsevier, vol. 178(C), pages 109-119.
    3. Zębala, Wojciech & Plaza, Malgorzata, 2014. "Comparative study of 3- and 5-axis CNC centers for free-form machining of difficult-to-cut material," International Journal of Production Economics, Elsevier, vol. 158(C), pages 345-358.
    4. Nasser Amaitik & Ming Zhang & Zezhong Wang & Yuchun Xu & Gareth Thomson & Yiyong Xiao & Nikolaos Kolokas & Alexander Maisuradze & Oscar Garcia & Michael Peschl & Dimitrios Tzovaras, 2022. "Cost Modelling to Support Optimum Selection of Life Extension Strategy for Industrial Equipment in Smart Manufacturing," Circular Economy and Sustainability, Springer, vol. 2(4), pages 1425-1444, December.

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