Labor can account for the largest expense of manufacturing products. You should always keep track of your labor cost per unit to make sure that wages are not growing faster than profits. To do this, ...

Identify cost driver for the overhead cost, and the total amount of cost driver in a multi-product production or multi-service offering. A cost driver is a business activity responsible for change in ...

Gain a comprehensive understanding of the marginal cost formula. Learn how to calculate it and explore its role in business decisions. The world of microeconomics and business decision-making hinges ...

Ignore your financial statement, and you effectively ignore the health of your company. A good manager should be able to deftly use the gross margin to understand which areas of the company are ...

Last month, we discussed how you could get better control of the equipment you own and rent. This month, we’re going a step further by offering up a couple of ways to collect and analyze the data.

Much economic theory is based not on marginal analysis of totals but on analyzing the changes caused by increasing or decreasing those totals. Marginal cost is the increase in total costs resulting ...

Life-cycle cost of ownership is a common metric used to compare power plant system alternatives. However, the familiar formula for calculating the cost of generating electricity omits factors that are ...