The basic wage rate is the amount of money paid to an operator for a specified period of work, excluding additional payments such as incentive bonuses, shift premiums, overtime, and other premium payments.
A critical document in construction, detailing the materials, parts, and labor required for a building project. Used by contractors to formulate quotes.
Cost estimating involves determining the total costs of labor, materials, capital, and professional fees required for a proposed product. This process is crucial in project management, construction, manufacturing, and other sectors where budgeting and financial planning are essential.
Monthly data on national employment and unemployment, wages, and earnings across all non-agriculture industries, providing key economic indicators.
The Direct Production Cost of Sales refers to the expenses directly attributable to the manufacturing of goods sold by a company. This includes the costs of raw materials, labor, and other expenses directly involved in production.
The Employment Cost Index (ECI) is a quarterly report issued by the U.S. Department of Labor that tracks changes in employer payroll costs including salaries, wages, benefits, and bonuses. It serves as a significant indicator for understanding trends in employment costs and potential inflation.
A job cost sheet is a detailed record of the budgeted or actual costs of materials and labor required to produce a specific product. It plays a critical role in job costing systems used primarily in manufacturing.
Labor-intensive refers to any activity in which labor costs are more crucial than capital costs. Such activities typically require a significant amount of human effort and time.
The planning, coordination, and controlling of an organization's resources to efficiently facilitate the production process, encompassing key issues such as location, labor, transportation costs, and production forecasting.
Twin Plants, or maquiladoras, refer to manufacturing facilities in Mexico often employed by U.S. companies for their cost-effective labor and proximity to the U.S. market.
Wages costs are expenses incurred by businesses to compensate employees for their labor. These are a critical part of operating costs in any organization.
