Improving the cost information management system: The case study of defense materials industry in Korea

Jae Hun Moon, Young Jun Kim, In Shik Seol

Research output: Contribution to journalArticle

Abstract

This study shows how to develop and apply an objective cost equation model through accounting engineering approach with the focus on indirect processing costs. The authors provide a cost estimation method that can be used by both government and contractors to predict and calculate reasonable processing costs acceptable by both parties. By applying the suggested approach, both parties can utilize the future estimated cost or target cost as a basic cost for planning, budgeting, bid pricing and contract pricing.

Original languageEnglish
Pages (from-to)131-141
Number of pages11
JournalActual Problems of Economics
Volume181
Issue number7
Publication statusPublished - 2016

Fingerprint

Costs
Korea
Information management
Management system
Industry
Pricing
Planning
Target cost
Cost estimation
Bid
Budgeting
Contractors
Government

Keywords

  • Ceiling price
  • Cost management
  • Defense sector
  • Indirect cost
  • Private contractors
  • Target cost

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

Improving the cost information management system : The case study of defense materials industry in Korea. / Moon, Jae Hun; Kim, Young Jun; Seol, In Shik.

In: Actual Problems of Economics, Vol. 181, No. 7, 2016, p. 131-141.

Research output: Contribution to journalArticle

Moon, Jae Hun ; Kim, Young Jun ; Seol, In Shik. / Improving the cost information management system : The case study of defense materials industry in Korea. In: Actual Problems of Economics. 2016 ; Vol. 181, No. 7. pp. 131-141.
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