"Material cost planning" refers to the process of estimating and planning the costs for the required materials or resources in a business. This includes analyzing material prices, quantities, delivery costs, and other relevant factors to determine the total costs for materials in a project or operational cycle.
Typical functions of software in the area of "material cost planning" could include:
Material price analysis: Reviewing and analyzing current prices for required materials.
Material quantity estimation: Estimating the required quantities of materials based on production plans, project requirements, or other factors.
Supplier costs: Considering supplier costs such as delivery fees, customs duties, and other delivery costs.
Currency conversion: Support for converting material costs into different currencies, especially in international projects or purchases.
Budgeting: Integrating material costs into the overall budget of a project or operation.