GRA 116- Midterm Exam Guide - Comprehensive Notes for the exam ( 14 pages long!)

• School: Ryerson University
• Department: Graphic Communications
• Course: GRA 116
• Professor: Nicola Kidd

Document Summary

Where estimating fits into the job production cycle. Job specs collected not always finished product (quotes: estimate (determining the cost of the job, add mark up = profit, produce a selling price. If approved: convert estimate to an order, schedule and create job. Estimating: determining the production cost, not a quote. Selling price: final price of the job for the client, determined by manager or sales rep, cost of jo(cid:271) + profit or % (cid:373)ark up (cid:894)(cid:448)ar(cid:455) depe(cid:374)di(cid:374)g (cid:449)hat (cid:455)ou"re selling) Outsourcing: assigning costs, using production plan (standard production time x bhr) + material costs + buyout costs = Price estimating: all orders are estimated using a set price list (just adding features, ex. Nail/hair salon: advantages, speed, simplicity, requires minimum job details, disadvantages, custom jobs, accurate, lots of up front work, constant updating. Other types of estimating: past jobs, ratio system, competition price, chargeback system (trading favours, market pricing.