100%(16)16 out of 16 people found this document helpful
This preview shows page 1 out of 1 page.
In project management, you will also need to have a knowledge of the different types of costs especially when you are required to build a cost proposal for a specific project. Please pick either product costs or period costs and explain how you would classify the specific cost elements and provide examples to support your position.Product CostProduct cost refers to the cost it takes to create a product. These costs include, material, labor, upkeep ofequipment, and facility upkeep. There are three categories of product costs: direct material cost, direct labor cost, and manufacturing overhead cost. Direct manufacturing cost is the overall cost of the material that is needed to produce the product. And, they are directly related to the final product. For an aviation production company, some direct material