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Brompton Bicycle
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These resources have been reviewed and selected by STEM Learning’s team of education specialists for factual accuracy and relevance to teaching STEM subjects in UK schools.
Managing costs
This film, from Brompton Bicycle, looks at how standard costing is used to keep track of where money is being spent during the production process. This is the ideal re-determined costs that the company ought to incur for an operation. The film describes three manufacturing cost elements: direct materials, direct labour and factory overheads, and these can be used to identify a standard cost per unit. The company can then compare actual volumes and real costs can be compared to the standard cost.
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