Unit of competency Outline

Date retreived
22/07/2026 10:45 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Prepare a simple cost estimate for a manufactured product

Prepare a simple cost estimate for a manufactured product

Unit of competency
National Code
MEM30023
State Code
OEV02
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/12/2022
View on TGA
State Implementation and Classification
Approved Date
19/04/2023
Field of Education
010101 - Mathematics
Original Release Date
19/04/2023
Nominal Hours
40
Description
This unit of competency defines the skills and knowledge required to apply the principles and concepts associated with the preparation of a cost estimate, based on known production and material costs, for a product. The estimate uses a limited number of variables and relates to a discrete product with a limited number of operations for manufacture.The unit applies to engineering or related activities and is suitable for people giving technical support in manufacturing or engineering operations and those pursuing technical qualifications and careers at paraprofessional or technician level. All work is carried out under supervision.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Obtain estimate brief
  • 1.1 Follow standard operating procedures (SOPs) and comply with work health and safety (WHS) requirements at all times
  • 1.2 Obtain brief for estimate and identify key requirements including timing, budget, resources, output and special conditions
  • 1.3 Seek and obtain required assistance and approval from supervisor
2. Prepare a simple cost estimate
  • 2.1 Identify relevant costing data and interpret from the estimate documents
  • 2.2 Obtain organisational production costs from relevant sources
  • 2.3 Prepare cost estimates in accordance with organisational guidelines
  • 2.4 Obtain assistance and/or approval from supervisor for estimates prepared
3. Verify cost estimate
  • 3.1 Source actual cost information from previous estimates
  • 3.2 Compare actual costs with estimated cost to identify deviations and report as fractions or percentages
  • 3.3 Prepare a report for supervisors that explains deviations
No information
No information
Replaces
State Code National Code Title Type
W5439 MEM30023A Prepare a simple cost estimate for a manufactured product Unit of competency