A Study on Costing Guidelines for Manufactured Precision Casted Parts

Abstract

Costing of manufactured precision parts is researched earlier, though a generic costing guideline that suits multiple setup types and universal applicability is still to be evaluated. The author tends to introduce a proposal for generic cost estimation of precision parts (Castings) for the utilization of estimation engineers and technical buyers in the mechanical precision engineering industry. Process of manufacturing different types of Castings (Investment, Die & Yellow Metal) is studied along with components to relate and validate the proposed costing guidelines based on parameters (cost elements & allocations). A review would lead to the validation of proposed costing guideline through survey and discussions with experts. The costing guidelines are developed based on prior experience, expert discussions, and quotations from multiple manufacturers. Manufacturers and technical experts believe that the cost allocation against cost elements and the range proposed are very much valid to evaluate and estimate cost of casted parts in design and development stage. The results of this study will provide the guideline to establish a reference target cost for bids and quotation process done by buyers.