Institute of Management Technology

2014-2016

MANAGERIALACCOUNTING
TERMPAPER

Submittedby:Group9(section:B)

Submittedto:

LoukikHuilgolkar(140201070)Dr.AnupamMehta
MayankSitlani(140201077)
OmkarPatne(140201089)
RahulTrehan(140201104)
RidhimaJain(140201112)

TOPIC

PAGE NUMBER

Abstract

Introduction

Target Costing in Supply

Chain Management

Target Costing in Toyota

11

Target Costing in NHS

12

References

15

Exhibit 1 : General Summary of Target Costing Process.

ABSTRACT
It is generally perceived all through the world that clients are the lords of the
today's business sector.Their feelings are extremely basic at the time of planning of
theitems,peculiarities of the items furthermore at the time of settling the cost of the
items. This is more applicable on account of luxurious items. In target costing
clients suppositions are first taken to know the amount value they are ready to pay
for an item and focused around this value,costs are focused and last choice are
taken for the items. Client's perspectives assume exceptionally fundamental part in
choice making process in target costing. At present the supply of items are more
than the real needs of the buyers in the business world and hence steadily producer
are going under the control of clients. Target costing is the best approach to win this
situation.
KEYWORDS
TARGET COSTING,PRICING,MANAGERIAL IMPLICATION,TARGET COSTING IN
TOYOTA,TARGET COSTING IN SUPPLY CHAIN MANAGEMENT,TARGET COSTING IN
NHS.
INTRODUCTION
Target costing was concocted by Toyota in 1965 (Tanaka, 1993). In Japan,
management accountants have endeavoured to connect their item costing
frameworks to their organizations' techniques for product development. Japanese
organizations appear to utilize these accounting frameworks to spur workers to act
as per their long haul techniques as opposed to as a tool for giving senior
supervisors exact and detailed information on profit, standard expenses and
differences. Japanese accounting frameworks underline doing what it takes to attain
a desired execution level under economic situations. Management accountants help
motivate market-driven behaviour by using amarket-based allowable cost that has
to be realized if the company is to beprofitable in a competitive market (Hiromoto,
1991).Under these conditions, business sector costs basically impact an
organization's or a division's execution. Both the assembling and the marketing
capacities are swayed to react to market interest and focused patterns as opposed
to simply concentrate on interior execution markers. Under this approach, the
marketing department has the capacity to settle on item choices without tolerating
costs as a given, which builds pressure on the sales force to work inside the
parameters of the current marketing environment.
Target costing speaks to a standout amongst the most critical territories where
marketingand accounting overlap.With target costing, advertising and designing
capacities recognize an item's coveted peculiarities and its feasible selling
price.Under the target cost framework, activities are controlled by utilizing a target,
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or a business based admissible cost, that must be acknowledged if the firm is to be

beneficial. A desired profit margin is subtracted from the assessed selling price to
focus the target cost for the new item. All parts of theassociation accordingly work
to design and produce the item at the target cost.
Target cost = Target sale price - Target profit/Required rate of return
Target cost is a product cost estimate derived by subtracting a desired profit
margin from a competitive market price. This may be less than planned
initialproduct cost, but will be expected to be achieved by the time the product
reaches the mature production stage CIMA-London.
OBJECTIVES OF TARGET COSTING
The fundamental goal of target costing is to help the administration to control the
production cost, before the production has really begun.Cost control get more
critical if production once began, as the majority of the cost reduction can be done
in design stages by changing product design and product features. When product is
launched in the market,cost control becomes difficult. To catch/win the business
sector if value decreased or peculiarities changed in the wake of marketing the
product, a negative effect may emerge among the clients. In this way, it is better to
precontrol the expense by taking the clients notion in regards to price, design and
so forth. Besides cost reduction is not a simple errand, it includes all levels of the
association. It begins at design stage and end at after sales.
TARGET COSTING PRINCIPLES
Target costing can be described as a systematic process of cost management and
profit planning. The six key principles of target costing are1:
1. Price-led costing: Market prices are used to determine allowable or target
costs. Target costs are calculated using a formula similar to the following:
marketprice required profit margin = target cost.
2. Focus on customers: Customer requirements for quality, cost, and time are
simultaneously incorporated in product and process decisions and guide
costanalysis. The value (to the customer) of any features and functionality built into
the product must be greater than the cost of providing those features
andfunctionality.
3. Focus on design: Cost control is emphasized at the product and process design
stage. Therefore, engineering changes must occur before production
begins,resulting in lower costs and reduced time-to-market for new products.
4. Cross-functional involvement: Cross-functional product and process teams
are responsible for the entire product from initial concept through finalproduction.
5. Value-chain involvement: All members of the value chaine.g., suppliers,
distributors, service providers, and customers are included in the target costing
process.
6. A life-cycle orientation: Total life-cycle costs are minimized for both the
producer and the customer. Life-cycle costs include purchase price, operating
costs,maintenance, and distribution costs.
IMPLEMENTATION OF TARGET COSTING
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The target costing methodology starts by creating a selling price, in view of market
research, for the new item. From this target selling price, the desired (target) profit
is subtracted to find the target cost. Most likely, this target is below the
organization's present manufacturing cost.Groups from numerous divisions then
perform useful functional cost analysis in an endeavour to achieve the target cost.
On the off chance that the current expense appraisal is at the target, the firm must
choose whether or not to produce the new item. On the off chance that the current
expense assessment is over the target, functional cost analysis is utilized to roll out
improvements and plan an alternate cost estimate.
The target costing process is summarized inflowchart 1, exhibit 1
sSTEP I: Establish a target profit for the product
The profit margin is determined in reference to companys long term strategy. But
the starting point for target costing is to estimate the selling price of the product
according to the market analysis. Sales volume is also estimated. Then from the
sales revenue profit margin is subtracted to get the desired target cost.
STEP II: DETERMINE THE TARGET COST
The target cost is obtained by subtracting the profit margin from the target price.
Management sets the target cost by deriving it from technical assessment of the
resources or market-research perspective or combination of both.
The best target costing teams have following characteristics. First, the employees
working on the project should have an understanding of their work. For example,
production mangers rely on direct performance indicators which include time taken
to produce that product and the material that goes into manufacturing. Second, the
team members should not be narrowly trained. They should be rotated through
various departments before being a member of the target costing team.
STEP III: PERFORM FUNCTIONAL COST ANALYSIS
Functional analysis and Value Engineering (VE) are closely related to each other.
Functional analysis focusses on various functions which provide the basis for the
costing system. Value Engineering involves producing the product from different
angles at lower cost by reviewing the functions.
STEP IV: DETERMINE THE COST ESTIMATE
Management accountants estimate the cost according to the proposed functional
modifications. They prepare a detailed list of cost tables using different alternatives
of material and technology in order to estimate the lowest possible cost.
STEP V: DECISION- IS THE COST ESTIMATE ON TARGET?
After the team has performed value engineering and functional analysis to estimate
the cost, the cost is then compared to the target cost. If the cost estimate is equal
to the target cost, the team proceeds to the final decision but if the estimate cost
exceeds the target cost, again functional analysis has to be performed to reduce the
cost of the product to the target cost.
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STEP VI: MAKE THE FINAL DECISION

Once our estimated cost matches the target cost, management makes the final
decision to whether introduce the product in the market or not. This final decision is
based upon the manufacturing feasibility, market needs and consumer acceptability.
Once the final decision is made , the successful implementation of the target
costing depends on arious factors. A combined effort is required from the team
members from different functional departments to assure that the cost position of
the product is such that the company can sell its product at the desired selling price
in order to make the required profits. Also , target costing doesnt end once the final
decision is made. The standard manufacturing cost depends upon the specific
production line conditions. It is important to ensure that the production line runs at
its full capacity in order to get the best cost performance.
ADVANTAGES OF TARGET COSTING

Proactive approach to cost control

Eliminates non-value added activities
Customer oriented approach
Implementation increases awareness among employees
Future product planning becomes easy
Shorten the life cycles thus, cutting the cost
Encourages the product diversity

Target Costing in Supply Chain Management

Supply Chain Management
The advent of newer technologies and better manufacturing processes has led to creation of new
and improved products available in the market. Along with this, customer requirements are also
changing and varying from time to time. The availability of better and more functional products
has made customer demands change. They are now asking for products with that have better
quality, more functionality and an optimum price. Product life-cycles are reducing these days.
In response to this, many firms have started to adopt the principles of Supply Chain Management
(SCM). With SCM, industries now have the opportunity to create new products or alter certain
processes in the manufacture of existing products in response to the changing consumer
demands. This also helps them to manage resources available more efficiently, without creating
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surplus inventory. Supply chain is a coordinated network of firms that operate to provide a
product or a service to the end customer. Components of a supply chain are: producers, suppliers
and consumers. These components must interact in a coordinated manner in order to achieve the
objective of customer satisfaction. Products and services flow from sources of supply to sources
of demand, cash and payments flow in the reverse direction. For efficient functioning of all firms
in a supply chain, a managerial approach is required.

Cost Management Techniques in SCM

In earlier times, each segment of supply chain was managed as an independent entity and focus
was primarily on attaining local objectives without regard for their effect on the overall
functioning of the firm and other components of the chain. This approach resulted in conflicts
between the firms, unfulfilled company objectives and reduction in customer satisfaction.
Traditional methods typically estimated design and production costs and then added profit
margins to determine the market price of the product. In conventional approach, expected
production costs were subtracted from the planned selling price. Two methods Traditional Cost
Management and ABM : Activity Based Management were often used. But the focus of these
cost management tools was merely on reducing local costs, and not on increasing the levels of
customer satisfaction.
Traditional Cost Management
In a regular manufacturing firm, it had two main functions
1. Dividing costs incurred during operating period into categories of operating expenses and
factory costs.
2. Assigning factory costs to products.
But this approach is not suitable for the current era of manufacturing. As customer demands
grow, firms have to constantly re-configure their manufacturing processes. A firm producing a
range of products, say 10, is bound to have very high overhead costs for the manufacture of these
10 products. But traditional cost management completely ignores customer requirements and
value perceptions. It focuses only on cost reduction.
Activity Based Management (ABM)
In this approach, the goal of improving the organisational profitability is pursued with the help of
information of activity cost. ABM provides managers with concepts to processes in the firm so
that there are fewest demands on the resources of the firm. Availability of accurate estimates of
activity costs is required for the success of this tool. With increasing complexity in the firms
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operations the accuracy of ABM is reduced. It does not encourage managers to search for new
techniques to create customer value or reconfigure processes to add greater customer
satisfaction. By adopting ABM, the short-run efficiency might increase but it will be detrimental
to the firm in the long-run profitability and survival.

Target Costing
The conventional cost management tools main focus is on the reduction of local costs, and not
on fulfilling customer requirements. In target costing the focus on cost reduction is less. The
main attention is the customer requirement and demand. In this method, cost is viewed only as an
economic umbrella. The customer requirement is more important and is the binding competitive
constraint. The supply chain and processes incur all costs that are necessary for the complete
satisfaction of consumer needs and demands for price, product functionality. Cost minimisation
is not the objective in target costing. The main focus is cost rationalisation.
Target costing ensures that the product launched with the specified functionality, quality and
price can be produced at the life-cycle cost that also generates satisfactory levels of profitability
for the firm. Target Costing is done at the design phase of the product. It is imbedded within the
firms product development and introduction process. Information is required with respect to the
firms competitive, product and supply chain strategies. In the beginning phase, target costing
uses market research information to determine the price customers are willing to pay for the
product. The profit margin is subtracted from this price to find the Allowable Product Cost. This
is the maximum cost any manufacturer should incur in manufacturing, distribution, service and
disposal of product. It is the Target Cost that the firm is aiming for.
Value Engineering is the process that is employed when there is a need to redesign the product,
its manufacturing process and the related service systems. Target Costing views meeting
customer requirements for quality, functionality, and price as a key to attaining and sustaining
product competitiveness. Target costing into only those supply chains whose trading partners are
ready to deploy target costing. As the supply chain is a network of relationships among trading
partners, the content of these relationships is crucial in the implementation of channel-wide
target costing.
Typically, there are three approaches to Target Costing
1. Price Based Approach
2. Value Based Approach
3. Activity Based Cost Management

Price Based Approach

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The price-based target costing approach can be applied tothe business which is characterised by
stability and uniform customer demands. Thus the supply chain very rarely introduces new
products. It does not offer variants in its products. Target costing is primarily used to ascertain
market prices and profit margins, and to provide means for negotiating compensation among
partners for performance of supply chain activities. The most important step is target costing and
supply chain relationship building is gaining agreement among the supply chain trading partners
on the level and timing of compensation for their services. The compensation paid to all
members of the supply chain should not be more than the total allowable product cost, and
agreed-to prices are adequate to protect the long run profitability and survival of the firm.
Value Based Approach
The supply chains catering to customers whose demands are diverse and varying requires the
value based approach to target costing. In order to satisfy these customers, the supply chain must
provide a number of high-value products, most of which are short-lived. A supply chain
catering to such customers would benefit from value-based target costing, if relationships among
trading partners are based on open-market negotiations. The capacity of reconfiguration allows
the supply chain to sustain its competitiveness. Value based target costing is used to apportion
the allowable product cost among supply chain activities in proportion the value they create. The
members of supply chain must undertake joint reengineering activities to ensure each members
value contribution is properly aligned with the allowed product cost.
Activity Based Cost Management Approach
ABCM- Approach to target costing is used when the customer requirements are stable, uniform
and well known, and supply chain relationships are fixed through collaborative arrangements.
Supply chains operating in this environment must control and reduce their overall cost.
Knowledge about cause and the cost of non-value-added supply chain activities from these
models is used to design joint cost improvement projects. The ABCM approach acts a modern
day version of cost-plus pricing system.

Conclusion
Target costing is a method to determine the total supply chain cost that meets the customer
requirements. Target costing allows the firms to rationalise their total cost and does not merely
focus on the minimisation of cost. Customer satisfaction is the priority and supply chain
activities are made to incur costs that lead to fulfilling customer requirements. The criteria to
select appropriate target costing approach depends on customer requirements and the supply
chain relationships, which should lead to high customer satisfaction, leading to improved
competitiveness, profitability and long-term sustainability.

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TARGET COSTING IN TOYOTA

INTRODUCTION
Major differences seem to exist between what Western and Japanese
manufacturing executives expect from cost information and how they use it. A
manager in Europe or the United States generally expects to use cost information to
make decisions about pricing and investments, while a Japanese manager expects
to use cost information to control costs.
There are various contrasts between administration practices in Western
organizations and organizations in Japan. One of the primary contrasts is identified
with cost reductions. Toyota uses cost planning for cost reduction at the design
stage. By utilizing this procedure, Toyota sets objectives for cost reduction, and after
that tries to attain these new targets through design changes that will achieve the
cost diminishment objective. Toyota experiences a rigorous testing stage to judge
the expenses of the new plan in examination with the old one, so as to ensure an
cost reduction after usage of the new method. This is the primary thought that
Toyota uses to accomplish their expansive objectives.The question still is, what is
target costing? Target costing is an endeavor at the planning and development
period of a product life cycle, to accomplish a determined cost that is chosen by
administration. This method is unique in relation to cost elimination in that it tries to
lower costs by planning a quality item that diminishes costs in the generation stage.
PRODUCT PLANNING
Product Planning concentrates on the progressions made to existing cars and not
the configuration of new ones. There are a few steps in the succession of value,
production, and cost preferences. Toyota first chooses what the new retail cost of
the vehicles is going to be by taking the old value and including the estimation of
any new capacities. The deals division concocts the proposed production volume, by
taking past numbers and indexing them to market patterns and the state of
competetors. After all these figures have been set, the center switches to cost
planning. This cost arrangement is focused around the product plan and the targets
for retail cost and production volume. Toyota builds up a profit target and this is
subtracted to find the target cost. These cost planning choices are made three years
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prior to the discharge of the model. Tanaka incorporates the arithmetical

explanations of how the cost planning numbers are inferred.
ESTIMATING DIFFERENTIAL COST
At the point when Toyota approximates the inexact expenses of new model it
doesn't just include all the expenses of the overhauled model, rather it aggregates
the expense varieties of the new model and the old one. Toyota discovers this
method to be exceptionally advantageous, in light of the fact that it has a tendency
to be less bulky and gives more exact results. What's more is that it helps the
particular divisions understand the cost fluctuations. By utilizing this system Toyota
evacuates variable expenses both models bring about, for example, wages and
circuitous expenses, and afterward they can build their choices just with respect to
expenses that change between the two models in connection to design and
production volume.
PROMOTING COST PLANNING
"The reason for cost planning is to focus the sum by which expenses can be
lessened through better design of the new model." Cost reduction targets are not
proportioned off to the proper divisions by utilizing a standard rate to spread the
decrease uniformly over the whole process, however rather the lessening is
proficiently gone to every division focused around their capacity. This capacity is
dictated by the expense supervisor meeting with every division chief to concede to
a proper cost reduction for that particular division, and afterward it is the obligation
of every division to carryout those diminishments their own specific way.

CONCLUSION
The primary point in this article is to demonstrate how cost planning at Toyota is
centered around the configuration stage. Toyota does this by setting objectives for
cost reductions through configuration changes singularly, barring all different
variables. Toyota takes these objectives and afterward evaluates them to diverse
divisions, to roll out the important improvements. Toyota accepts that by changing
product design and production design to deliver lower valued and more productive
items, they will accomplish a larger amount of profitability.

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TARGET COSTING IN NHS

COSTING IN NHS AND REQUIREMENT OF TARGET COSTING
There was a joint report published in June 2005 by National Audit Office and Audit Commission, it was
found that there was a need for the improvements in financial skills and systems to meet the challenges
facing the health service.
According to this report there were aberrant levels of pressure on the financial regime of NHS because of
the increase in annual expenditure, structural reforms, new staff contracts and the changes in funding.
Thus this created a need for better costing services and management, which can have an impact on the
organizations to bring their financial responsibility to at least break even so that services are delivered
within budgeted cost. Better understanding of costing will also help in the forecasting and transparency.
Target costing may provide a better framework and aids in achieving this.
Target costing, whose targets are related to the national tariff, may provide a discipline within which trusts
can manage costs to improve efficiency.
Research has identified cost variability as an ongoing issue within the NHS which has an impact on the
use of the reference costs for benchmarking as a basis for the national tariff. This is because of the
difference in real and inherent costs, direct and indirect, which is because of variations in emphasis and
case mix between hospitals, geographical considerations and the characteristics of the local population.

Problems faced in Target Costing

The major problems faced by the organizations to include the target costing were the demand for more
diversified products and shorter product life cycles, reduced labour costs and better automation. This
created the demand for companies to manage cost from design stage and launch the products in the prices
which attracts more customers and delay imitation. The similar needs existed for NHS also. For instance
service developments had to be based on the needs of the users. Cost needed to be managed for the
limited resources.

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The decisions for which target costing was required:

The introduction of completely new services, which will be influenced by the National Institute

of Clinical Excellence (NICE), which approves some aspects of new services

A decision to taken weather to continue or terminate a process already going on in some other
centre of NHS.

Service/Product in NHS for the purpose of Target Costing

For target costing in NHS, the moves to reference costing and a national tariff requires the definition of
procedures and specialities for which it is applied and helps in the implementation of target costing. For
the activities covered by the national tariff may be defined as the tariff or for the clinical areas, where the
definitions can be in the form of clinical areas, where it is more appropriate to use a different definitions
as on medical conditions or case profiles.

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