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At the end of this lecture, students should be able to understand the importance of costing SC activities, understand the SC costs, know the methods of logistics costing, know ways by which logistics cost can be reduced. | Logistics/Supply Chain Costing Learning outcomes At the end of this lecture, students should be able to Understand the importance of costing SC activities Understand the SC costs Know the methods of logistics costing Know ways by which logistics cost can be reduced Introduction As a manager it becomes important to understand that your costs will become value creators to your customers or consumers of your products and services. It is therefore important to control and contain some of your operations costs through appropriate management techniques. Equally important is for partners in a chain to implement some cost control techniques that will ensure a least cost supply chain. COSTING SC/LOGISTICS ACTIVITIES logistical costing An important activity of Logistics Management to reduce logistical costs to improve performance Supply Chain Cost Areas Grouping of SC costs Supply chain costs accrue from time or activities undertaken during pipeline flows. These costs can be grouped into two: . | Logistics/Supply Chain Costing Learning outcomes At the end of this lecture, students should be able to Understand the importance of costing SC activities Understand the SC costs Know the methods of logistics costing Know ways by which logistics cost can be reduced Introduction As a manager it becomes important to understand that your costs will become value creators to your customers or consumers of your products and services. It is therefore important to control and contain some of your operations costs through appropriate management techniques. Equally important is for partners in a chain to implement some cost control techniques that will ensure a least cost supply chain. COSTING SC/LOGISTICS ACTIVITIES logistical costing An important activity of Logistics Management to reduce logistical costs to improve performance Supply Chain Cost Areas Grouping of SC costs Supply chain costs accrue from time or activities undertaken during pipeline flows. These costs can be grouped into two: (1) time based (fixed) and activity based (variable). Reason for the classification is the manager to be able to apply appropriate cost control techniques Grouping of SC costs Hines, (2004) states that finance managers regard time related costs as overheads cost and are also referred to as fixed costs e.g. the cost of storing and holding inventory requiring space to be rented or acquired over a given period. Fixed cost do not vary according to changes in volume or production output whereas variable costs will change as the level of output or volume changes. Types of costs Direct costs, indirect costs and overhead costs. Direct or operational costs: Transportation, material handling, warehousing and some aspects of order processing and inventory – can be allocated to a customer’s order Indirect costs: indirect costs are cost of capital resources of logistics – allocation is difficult, generally discretionary Overhead costs: an organization’s spending centrally. The benefits are availed .
