Some of the important elements involved in the process of production planning and control in organization are: (a) Planning; (b) Routing; (c) Scheduling; (d) Despatching; (e) Checking the progress or follow-up and (f) Inspection.

Theatre Production: From the Script to the Stage

• Find a Script. Naturally, the first step is to decide which play you will be producing.
• Figure Out the Nitty Gritty. This step involves several smaller but equally-pivotal steps:
• Casting. Auditions let the director and producer find actors who are able to fill the needed roles.
• Rehearsals.
• Publicity and Opening Night.

A great theatre performance is one where the characters are compelling. The characters will be the most recognised part of the theatre performance. They are the people that act out the plot and deal with the conflict and problems of the plot. The audience will mostly be interested in learning more about the character.

The key elements included in the production costs are as follows:

• Purchase of raw machinery.
• Installation of plant and machinery.
• Wages of labor.
• Building rent.
• Interest on capital.
• Wear and tear of building and machinery.
• Advertisement expenses.
• Payment of taxes.

The three major elements of product costs in a manufacturing company are direct materials, direct labor, and manufacturing overhead.

The Elements of Cost are the three types of product costs (labor, materials and overhead) and period costs.

• Materials. Materials costs are the tangible goods used in producing the product.
• Labor. Wages and salaries paid to employees involved in manufacturing are known as labor costs.
• Overhead.
• Period Costs.

The elements of cost are those elements which constitute the cost of manufacture of a product. In a manufacturing organization, we convert raw materials into a finished product with the help of labor and other services. These services are Material, Labour and Expenses.

So basically there are three broad categories as per this classification, namely Labor Cost, Materials Cost and Expenses. These heads make it easier to classify the costs in a cost sheet. They help ascertain the total cost and determine the cost of the work-in-progress.

Based on a time period of assessment or any other specific purpose, costs can be classified into historical cost, pre-determined cost, standard cost, and estimated cost.

There are two types of expenses. There are (jargon alert) ‘cost of sales’ and ‘overheads’. Cost of sales or sometimes called ‘direct costs’ are those costs in the business that directly impact the sales.

Classification of costs based on behavior helps in cost-volume-profit analysis. Classification based on traceability is important for accurate costing of jobs and units produced. Classification for the purpose of decision-making is important to help management identify costs which are relevant for a decision.

What Are Examples of Business Expenses?

• Payroll (employees and freelance help)
• Bank fees and interest.
• Rent.
• Utilities.
• Insurance.
• Company car.
• Equipment or Equipment rental.
• Software.

Direct expense is an expense incurred that varies directly with changes in the volume of a cost object. A cost object is any item for which you are measuring expenses, such as products, product lines, services, sales regions, employees, and customers. The materials used to construct a product for sale.

Two forms of balance sheet exist. They are the report form and account form. Individuals and small businesses tend to have simple balance sheets. Larger businesses tend to have more complex balance sheets, and these are presented in the organization’s annual report.

Not everyone has the same fixed expenses, but here are a few of the most common examples:

• Mortgage or rent payments.
• Loans (student loans, car loans, home equity loans)
• Insurance (car insurance, health insurance, life insurance)
• Daycare.
• Tuition.
• Utilities.

Here are the five categories with what’s in each category:

1. Home: Rent, renter’s insurance, repairs.
2. Groceries/Toiletries: Food, bathroom, and home supplies.
3. Personal: Clothing, gifts to other people, health-related expenses.
4. Entertainment: Dining out, movies, music downloads, books.

While these fixed costs may change over time, the change is not related to production levels but rather new contractual agreements or schedules. Examples of fixed costs include rental lease payments, salaries, insurance, property taxes, interest expenses, depreciation, and potentially some utilities.

Some examples of fixed costs include: Rent. Telephone and internet costs.

Fixed costs remain the same regardless of whether goods or services are produced or not. The most common examples of fixed costs include lease and rent payments, utilities, insurance, certain salaries, and interest payments..

What are Examples of Variable Costs?

• Direct materials. The most purely variable cost of all, these are the raw materials that go into a product.
• Piece rate labor.
• Production supplies.
• Billable staff wages.
• Commissions.
• Credit card fees.
• Freight out.

Examples of Household Variable Expenses

• The cost of household maintenance such as painting or yard care.
• General expenses such as clothing, groceries, and car maintenance.
• Resource expenses such as fuel, electricity, gas, and water.
• Other expenses such as entertainment or dining out.

Grocery shopping is also a variable expense. Your utility bills may also be variable expenses because they may change from month to month.

Take your total cost of production and subtract your variable costs multiplied by the number of units you produced. This will give you your total fixed cost.