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Lecture

Cost Modelling of Materials

In course

MGT-555: Innovation & entrepreneurship in engineering

This course is a joint initiative between the School of Engineering and the College of Management to encourage and promote entrepreneurship and management skills, engineering design, hands-on experience, teamwork, and awareness of social and ethical implic ...

Description

This lecture covers cost modelling approaches for materials, focusing on technical cost modelling, automotive case studies, technology strategy, and sustainability. It discusses the impact of weight, time, and vehicle emissions on OEMs, emphasizing the need for robust solutions and equipped supply chains. The lecture also delves into the importance of data quality, the inclusion of reject and trim in the process flow, and the segregation of cost elements into fixed and variable costs. Furthermore, it explores the depreciation of fixed capital, amortization of plant costs, and the implementation of lightweight materials. The lecture concludes with a discussion on the strategy to minimize CAPEX exposure and the assessment of business cases and environmental impacts related to technology.

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Instructors (2)

Véronique Michaud

Background: 1994 Habilitation à diriger des recherches ( INPG, France) 1991 PhD in Materials Engineering ( MIT, USA) 1987 Ingénieur Civil des Mines ( Ecole des Mines de Paris, France) Activities: Since January 2018: Associate Dean of Engineering, in charge of Education June 2012-Dec.2017: Head of the Materials Science and Engineering Section Since April 2017: Associate Professor at EPFL 2009-2017 : Professeur Titulaire at EPFL 1997-2009: Researcher at EPFL 1994-1997 : Chef de Travaux au laboratoire MSS-MAT, Ecole Centrale Paris (France) 1991-1994 : Post-doctoral research associate, MIT (USA) Author of about 300 publications of which 140 in peer-reviewed journals

Thomas Alois Weber

Official source

Ontological neighbourhood

Economics

Microeconomics: Labor economics

Related concepts (32)

Cost

In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer.

Variable cost

Variable costs are costs that change as the quantity of the good or service that a business produces changes. Variable costs are the sum of marginal costs over all units produced. They can also be considered normal costs. Fixed costs and variable costs make up the two components of total cost. Direct costs are costs that can easily be associated with a particular cost object. However, not all variable costs are direct costs. For example, variable manufacturing overhead costs are variable costs that are indirect costs, not direct costs.

Marginal cost

In economics, the marginal cost is the change in the total cost that arises when the quantity produced is incremented, the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output.

Cost curve

In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to decide output quantities. There are various types of cost curves, all related to each other, including total and average cost curves; marginal ("for each additional unit") cost curves, which are equal to the differential of the total cost curves; and variable cost curves.

Composite material

A composite material (also called a composition material or shortened to composite, which is the common name) is a material which is produced from two or more constituent materials. These constituent materials have notably dissimilar chemical or physical properties and are merged to create a material with properties unlike the individual elements. Within the finished structure, the individual elements remain separate and distinct, distinguishing composites from mixtures and solid solutions.

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