Cost Measurement Method

Cost measurement is fundamentally a simple process. In most cases, cost analysts begin by measuring resources consumed (cost items). Next, they match (assign) cost items to cost objects. Finally, they account for the prices paid (historical cost) to acquire cost items and adjust those prices to reflect economic reality.

Nearly, anything of interest to a decision maker can be a cost object. In so far as organizations exist to benefit customers or clients by means of their products or services, however, organizational decision makers should be (and generally are) especially interested in product costs. Sometimes, a final product/service consists of several intermediate services, each of which is produced in one or more organizational units, which implies several layers of cost objects.

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