Lean manufacturing advocates elimination of anything unnecessary. Otherwise, no business would spend needed cash on anything not absolutely required, even if such an investment might lead to a notional profit.
To justify the new equipment purchase, prove in clear-cut terms:. A cost benefit analysis is used to substantiate how investment in the new equipment will result in an overall cost savings.
For instance, if old equipment rakes up too much maintenance costs, compare the cost of the new equipment to the monthly maintenance cost of the old equipment, to demonstrate the cost savings.
Business owners and managers consider the hurdle rate, or the minimum acceptable rate of return that the equipment would generate, in return for the risks and opportunity cost of the money invested.
The hurdle rate depends on the source of the money. If the money comes from a bank loan, the hurdle rate factors in the rate of interest.
If the money comes from internal accruals, the hurdle rate factors in the rate of return of an alternative investment. If the money comes from investors or stakeholders, the hurdle rate factors in a rate of return higher than what another project may offer.
When determining the cost benefit analysis factors, do so for both direct and indirect costs. Also, consider indirect costs such as the lost opportunity for more profits when the production halts as the old equipment is in maintenance. When purchasing new equipment, consider the profits resultant from enhanced production or productivity per day or month with the new equipment against the purchase price and interest rate of the investment for the new equipment.
Substantiate all cost analysis with evidence such as actual bills or invoices, estimates from suppliers or contractors, historical cost and time data, and more. A cost benefit analysis allows making a financial justification for the new equipment.
At times, the benefits resultant from the new equipment may not easily be quantifiable or even apparent. For instance, performing a task manually or using equipment might not have much difference in time, cost, or quality. Equipment may, however, lead to less worker fatigue, leading to indirect benefits such as lesser HR costs, and lower costs related to absenteeism.
Include such indirect benefits in the new equipment justification. Such indirect benefits may very well act as a distorter and substantiate the purchase of equipment even when quantifiable or direct cost benefit analysis does not support the purchase. Many equipment brands or models invariably provide the same benefits. In such scenarios, how do you write an equipment justification in favor of a particular brand of model?.
Make a life cycle cost analysis of competing alternatives. A Life Cycle Cost Analysis is a subset of a cost-benefit analysis, and compares alternative equipment that fulfill the same requirements but have different upfront and operational costs. Determine the following popular ratios for the alternatives:.
At times, some alternatives may actually cost less than the proposed equipment. Substantiate the reasons for selecting equipment that cost more. Possible reasons are:. Include comprehensive details of all alternatives, such as the equipment specifications, cost price, operating costs, purchase and service terms, maintenance schedules, and more.
This provides clarity to the decision maker, allowing them to make a decision without referring to other sources for more complete information. Image Credits:. Bright Hub Project Management. More Info.
Skip to content 1. Substantiate the Need Lean manufacturing advocates elimination of anything unnecessary. To justify the new equipment purchase, prove in clear-cut terms: The circumstances for making the new equipment request. The requirement for new equipment may be owing to change of process or nature of work, increased workload on a sustainable basis, complete breakdown of existing equipment, or increased maintenance costs of existing equipment.
How not having the new equipment leads to inefficiency, waste, bottlenecks, poor quality, or other drawbacks.Procurement justification forms are used when a buyer cannot adhere to the procurement procedures when making a purchase. A justification form is designed to identify why a buyer was unable to abide by the University's Financial Regulations and EU Law. You would have been directed to this page or have been asked to complete a justification form for one of the following reasons:.
If you have followed the guidance above you should now complete one of the below forms depending on the value of your requirement. Under 3 Quotations Justification Form. Single Action Justification Form. Please follow these steps to ensure your form has the best chance of being approved by Procurement:. UEA Financial Regulations require 3 quotes or a tender is undertaken depending on the value of spend.
Ensure you cannot undertake these processes. If procurement believe you can undertake the appropriate process your form will be rejected. Complete all boxes. Further guidance can be found below. It may be easiest to complete all boxes for the form in excel. Then convert to a pdf to print. Ensure the form has been signed by the person responsible for purchase and head of spending unit. Executive team sign off may be required if procurement deem so; this will add time before approval or rejection.
The form has the following sections to complete; alongside these sections is an explanation of exactly what information is required:. The total value of this requirement. Do not include VAT when calculating this value. There is procurement guidance on how you can accurately estimate the value of your spend. UBW has a 'Product' classification for goods or services.
Purchase (or Purchases) of Services Justification Form
This is often 2 letters. Justifications forms should be completed before any order has been made.Cost justification is a substantiation of the need for an item of expenditure, with documentary or any other evidence. Business owners or managers may require the person incurring the cost to explain the reasons for doing so, and expect proof that expected returns would exceed the cost.
All expenditure of substantial nature, not included in the annual budget require such cost justification. At times, even items mentioned in the budget may also require a justification to ensure optimal utilization of monetary resources. Download a free cost justification template here.
This template is generic, and suitable for any type of expenditure. Customize it to suit your requirements.
The following elements should be included in any standard cost justification. The sample template lists the twelve key inclusions in a cost justification, followed by the route the proposal follows in the organization. The employee forwards the justification form to the supervisor, who makes a recommendation and forward the same to the finance department. The finance department may make the recommendation based on availability of finance rather than any technical consideration.
The business owner finally approves or rejects the proposal after considering all factors and various inputs.Key steps of the Purchasing Process
Like the elements in the template, this process flow is also flexible. For instance, the supervisor may return the form to the employee for any changes. Upon rejecting the proposal, the supervisor may simply forward the same to the business owner after noting down his objections, allowing the business owner to have the final say. Image Credit:. Bright Hub Project Management. More Info. Skip to content Cost justification is a substantiation of the need for an item of expenditure, with documentary or any other evidence.
He is a regular speaker at advertising and technology conferences and contributes to industry publications including Forbes, AdAge, and TechCrunch.
A native of Milwaukee, he is a proud fan and part owner of the Green Bay Packers. Scott graduated magna cum laude from Princeton University with a degree in economics, and earned an MBA from Harvard University. He most recently served on the board of directors of Blue Nile, the largest online retailer of certified diamonds and fine jewelry, and is a former director of the Internet Advertising Bureau (IAB) and Turn, Inc.
Michael Katz is a cofounder and CEO of mParticle. He is a sought-after angel investor and advisor and sits on the Board of Directors of BrightlineTV, the leader in connected TV ad solutions. He has also served as a mentor to startups for Techstars since 2015. Michael is passionate advocate for animal rights, serving as a volunteer for the Southampton Animal Shelter since 2013 and on the board of Humane Generation, a committee of the Humane Society focused on animal rescue.
He is a graduate of Syracuse University, and lives with his wife and son in New York City. Marla serves on the Boards of The Advertising Council, Advertising Self-Regulatory Council (ASRC), Digital Advertising Alliance (DAA), and Trustworthy Accountability Group (TAG). Reisenbach Foundation in 2016, receiving the Distinguished Citizen Award.
Under his leadership, Epsilon has received numerous accolades as a marketing innovator and leader including notable recognition from Forrester Research and Ad Age. On behalf of its clients, Epsilon manages over four thousand databases and 550 million loyalty memberships worldwide, delivers more 47 billion permission-based email messages a year and through its Conversant digital platform manages over 50 billion online interactions per day in display, mobile and video advertising, leveraging the power of rich data to connect people to brands.
Serving over 20 years at Epsilon, Bryan has been CEO since 2009, following prior roles as President, Chief Operating Officer and Chief Technology Officer. Prior to that, he held management positions with Capstead Mortgage Corporation.
Martin Kihn leads the data-driven marketing practice at Gartner, focusing on ad tech, cross-channel, predictive and attribution analytics. He was VP and director of strategy and analytics at various Publicis Groupe agencies, including Digitas, specializing in website and digital marketing analytics and the optimization of display and social campaigns.
As CEO of Publicis Media, Steve King oversees the media hub of Publicis Groupe, one of the largest communications networks in the world. King is responsible for the BrandsStarcom, Zenith, DigitasLBi, Spark Foundry, Blue 449, and Performicsbrought to life through 23,500 employees in over 100 countries.
Prior to this, King was CEO of ZenithOptimedia worldwide and was one of the founding employees of the ground-breaking media agency, Zenith Media, in 1988. Under his leadership, Xaxis became the pacesetter for the programmatic advertising industry, pioneering technology firsts and expanding via several acquisitions and investments in the burgeoning advertising technology market. At Xaxis, Brian oversaw the development of over 40 new offices, bringing programmatic advertising to major markets including Asia and Latin America.
Prior to that, he was Senior Vice President and General Manager of the Media Innovation Group, where he launched the first data management platform for agencies and was instrumental in creating the first and largest agency trading desk.
In 2016 he was named to the Crain 100, a list of the top disrupters and change-makers in business. Brian has a Bachelor of Arts degree in political science from the University of Pennsylvania and a Master of Business Administration from Columbia Business School. In addition to directing global marketing, Alison is driving capability building in digital and strategic consumer insights, professional marketing, and the innovation pipeline.
A creative visionary with over 25 years of leadership experience, she was named New York Advertising Woman of the Year in 2016.RegardsSneha Agarwal Nice content, but I really hate that you have used one of those annoying "don't leave here" popups on your blog.
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Creating a Cost Justification Proposal: Free Template Included
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