Mini Bio (1) George Timothy Clooney was born on May 6, 1961, in Lexington, Kentucky, to Nina Bruce (nÃ©e Warren), a former beauty pageant queen, and Nick Clooney, a former anchorman and game show host (who was also the brother of singer Rosemary Clooney). He has Irish, English, and German ancestry.
In effect, target costing is a proactive cost planning, cost management, and cost reduction practice whereby costs are planned and managed out of a product and business early in the design and development cycle, rather than during the later stages of product development and production.
A numerical example of target and lifecycle costing. A company is planning a new product. Market research information suggests that the product should sell 10,000 units at $21.00/unit. The company seeks to make a mark-up of 40% product cost.