Prodsmart enables the cost calculation for a product by considering its bill of materials and the duration of its operations. The final cost is the sum of the subproducts' cost along with the expenditure with workers and machines.
You can see the Batch Cost Update menu under the products menu. As you can see on the image below, you can filter by product and product family.
Moreover, you'll see as well the cost box. Since workers and machines may have different costs per hour, here you can choose how to calculate costs. You can either consider the average cost of machines and workers, or estimate a worst-case scenario, with the most expensive combination of machines and workers.
Below, you can see the costs detailed: materials/sub-products, worker cost, machine cost, current cost and the new cost.
To compute the costs, the following information is considered:
Materials/sub-products: bill of materials. The cost is the sum of the individual subcomponents cost;
Worker cost: workers information and operations cycle times. The cost is the product of the workers cost per hour and the cycle times;
Machine cost: machine information and operation cycle times. Similarly to workers, the cost is the product between machine cost per hour and the cycle times.
Finally, you can change the cost for all the products that respect the filters you defined by clicking on the orange button Change All. Alternatively, you can change products individually by clicking on the blue button Change.
Pro Tip: If you want to analyze the average time of your processes over a certain time interval, follow this article. Good work!