The method by which OPM uses the actual cost of production components (resources, raw material purchase prices, and so on) to calculate the cost of production.
Analysis Codes
Categories by which different costs for the same item (such as value-added or standard costs) or a class of items, may be stored and reported.
Burden
A cost added to production to cover overhead expenses (such as facility rental).
Closed Calendar Period
A period in the current cost calendar which is locked against any further postings, or changes to existing postings.
Component Classes
Classifications by which production resources may be grouped for reporting.
Component Groups
Groupings by which resource or material costs (for example, raw materials and production machinery) may be collected for reporting.
Cost Calendar
A calendar comprised of the periods to which costing transactions will post.
Cost Methods
The methods by which OPM will calculate the costs of production (for example, actual costs of production). Cost RollupA procedure in which changes in product component costs (resource, material) are incorporated into the product's total cost.
Cost Update
The process by which all component costs are updated to the proper general ledger accounts.
Frozen Cost Period
A period in the current cost calendar in which no cost rollups and/or cost updates can be made to existing cost pistons. Newly-created cost postings may be entered, rolled up, and updated.
General Ledger Expense Allocations
Third-party general ledger accrual expenses that may be allocated to designated items for addition to production component costs.
Nominal Cost
The cost of using a resource to produce a single production unit.
Open Costing Period
A period in the current cost calendar to which daily cost transactions can post.
Routing Costs
The costs of resources used in operations and activities in a particular production routing.
Standard Costing
The method of defining the static cost of items, formulas, formula ingredients, and resources used during production.