Question

Difference between target costing and kaizen costing

Answer 1

ANSWER

TARGET COSTING

Target costing takes place during the pre-production planning phase for a new product.

KAIZEN COSTING

Kaizen focuses on making continuous, often small, but incremental cost improvements through improved purchasing and productivity, reduced wastage, etc.

Answer 2

Target costing and kaizen costing

Explanation:

Target costing is an approach to determine a product's life-cycle cost which should be sufficient to develop specified functionality and quality, while ensuring its desired profit.

whereas

Kaizen Costing, also referred as continuous improvement costing, is a mechanism for reducing and managing costs.

The major difference between target and Kaizen costing is that target costing is applied during the design stage where as Kaizen costing is applied during the manufacturing stage of a product's life.

The objective of Kaizen costing is to reduce actual costs to manufacture a product below the standard cost

#Learn more :

Process of kaizen costing​

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