Factory, Factory Overhead, Failure Rate

Factory, Factory Overhead, Failure Rate :

Factory : The place where goods are produced, assembled and processed

Factory Overhead : Usually, includes all the expenses incurred by a company other than labour and materials which are charged directly into the product. Each company follows its own systems of calculating the factory overhead in some of such companies the factory overhead is stopped at the doorstep of the factory floor which is the place where the manufacturing operations take place so that the cost of offices, clerical workers, managers, etc., is estimated separately.

Failure Rate : analysing the frequency and duration of an equipment or machine failure in comparison to its useful running time which is found out from the records maintained by it in the cost accounting system. The failure rate, so calculated, may act as an important and vital element in explaining the reasons for replacement as an equipment failure may also lead to loss of labour hours and missed deliveries : An assessment of the units that fail in an inspection in comparison to the total units produced. A high failure rate may indicate the need for reviewing methods, materials, etc.


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