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Evidence Guide: ICPSUP553 - Prepare production costing estimates

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

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ICPSUP553 - Prepare production costing estimates

What evidence can you provide to prove your understanding of each of the following citeria?

Identify costing estimate requirements

  1. Labour hours, times and other statistics required are identified and applied in calculations
  2. Available machine hours are identified and applied in calculations
  3. Economical batch sizes are identified
  4. Material requirements are identified and applied in calculations
Labour hours, times and other statistics required are identified and applied in calculations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Available machine hours are identified and applied in calculations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Economical batch sizes are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Material requirements are identified and applied in calculations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare costing estimates

  1. Costing estimates are calculated using material, labour and machine costs
  2. Cost estimate details are calculated
Costing estimates are calculated using material, labour and machine costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Cost estimate details are calculated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare estimates with actual costs

  1. Actual costs are compared with estimates
  2. Costing basis is adjusted as appropriate
Actual costs are compared with estimates

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Costing basis is adjusted as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify costing estimate requirements

1.1 Labour hours, times and other statistics required are identified and applied in calculations

1.2 Available machine hours are identified and applied in calculations

1.3 Economical batch sizes are identified

1.4 Material requirements are identified and applied in calculations

2. Prepare costing estimates

2.1 Costing estimates are calculated using material, labour and machine costs

2.2 Cost estimate details are calculated

3. Compare estimates with actual costs

3.1 Actual costs are compared with estimates

3.2 Costing basis is adjusted as appropriate

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify costing estimate requirements

1.1 Labour hours, times and other statistics required are identified and applied in calculations

1.2 Available machine hours are identified and applied in calculations

1.3 Economical batch sizes are identified

1.4 Material requirements are identified and applied in calculations

2. Prepare costing estimates

2.1 Costing estimates are calculated using material, labour and machine costs

2.2 Cost estimate details are calculated

3. Compare estimates with actual costs

3.1 Actual costs are compared with estimates

3.2 Costing basis is adjusted as appropriate

Evidence of the ability to:

prepare an estimate of production costs that takes into account labour, machine and material requirements

compare estimated costs against actual cost and adjust costing methods, if required.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

Statutory requirements

outline the legal requirements that affect costing of operations

Production processes and operations

describe information required before costing/estimating can be done accurately

describe the references and resources on materials and suppliers required to help in costing/estimating

explain how choice of materials affects cost

list ways of minimising production costs on any given job

explain the relationship between costing and set up and changeover times for processes

Different costing/estimating methodologies

explain why a particular costing/estimating method was chosen

outline alternative methods and when it might be appropriate to use them

describe factors that might be adjusted in the estimations if they consistently do not match costs

Sampling and quality control techniques

describe effects that quality control has on costing

Production records

describe why it is necessary to keep accurate production records

outline how often a review of production records against actual costs should occur

identify production monitoring systems that can be used to accurately assess costs.